Post-effective amendment to a registration statement that is not immediately effective upon filing

INCOME TAXES (Tables)

v3.20.2
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Difference between income taxes at effective statutory rate and provision for income taxes

The items accounting for the difference between income taxes at the effective statutory rate and the provision for income taxes for the years ended December 31, 2019 and 2018 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

2019

 

 

2018

 

Income tax benefit at U.S. statutory rate of 21%

 

$

(518,885

)

 

$

(331,986

)

State income taxes

 

 

(88,952

)

 

 

(56,912

)

Non-deductible expenses

 

 

26,943

 

 

 

110,165

 

Change in valuation allowance

 

 

580,894

 

 

 

278,733

 

Total provision for income tax

 

$

—

 

 

$

—

 

Net deferred tax assets

The Company’s approximate net deferred tax assets as of December 31, 2019 and 2018 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Deferred Tax Assets:

 

 

 

 

 

 

 

 

Net operating loss carryforward

 

$

5,224,941

 

 

$

4,653,240

 

Intangible assets

 

 

53,995

 

 

 

80,472

 

Allowance for bad debt

 

 

35,670

 

 

 

-

 

 

 

 

5,314,606

 

 

 

4,733,712

 

Valuation allowance

 

 

(5,314,606

)

 

 

(4,733,712

)

Net deferred tax assets

 

$

—

 

 

$

—