Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Taxes [Abstract]  
Provisions for Income taxes

For the years ended December 31, 2020 and 2019 the provisions for income taxes were as follows:







 

 

 

 

 



2020

 

2019

Federal – current

$

 —

 

$

 —

State – current

 

 —

 

 

 —

Foreign – current

 

 —

 

 

 —

Total

$

 —

 

$

 —



Net Deferred Tax Assets and Liabilities

Significant components of our net deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows:







 

 

 

 

 



2020

 

2019

Deferred tax assets (liabilities):

 

 

 

 

 

Net operating loss carryforwards

$

14,881,000 

 

$

14,136,000 

Stock based compensation

 

4,094,000 

 

 

3,877,000 

Accrued compensation

 

19,000 

 

 

34,000 

Depreciation and amortization

 

3,867,000 

 

 

4,241,000 

Other

 

 —

 

 

5,000 

Total deferred tax assets

 

22,861,000 

 

 

22,293,000 

Valuation allowance for net deferred tax assets

 

(22,861,000)

 

 

(22,293,000)

Total

$

 —

 

$

 —



Difference Between Provision for Income Taxes and Income Taxes Computed Using Federal Income Tax Rate

The difference between the provision for income taxes and income taxes computed using the U.S. federal income tax rate for the years ended December 31, 2020 and 2019 was as follows:







 

 

 

 

 



2020

 

2019

Computed expected tax expense

$

(613,000)

 

$

(1,853,000)

State taxes, net of federal benefit

 

(141,000)

 

 

(581,000)

Expiration of NOL carryforwards

 

44,000 

 

 

44,000 

Other

 

142,000 

 

 

64,000 

Change in valuation allowance

 

568,000 

 

 

2,326,000 

Total

$

 —

 

$

 —