Annual report pursuant to Section 13 and 15(d)

11. Income Taxes (Tables)

v3.20.1
11. Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Provisions for income taxes

For the years ended December 31, 2019 and 2018 the provisions for income taxes were as follows:

 

 

    2019   2018
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, 2019 and 2018 are as follows:

 

             
    2019   2018
Deferred tax assets (liabilities):            
Net operating loss carryforwards   $  14,136,000   $  11,621,000
Stock based compensation      3,877,000      3,551,000
Accrued compensation      34,000      16,000
Depreciation and amortization      4,241,000      4,759,000
Other      5,000      20,000
Total deferred tax assets      22,293,000      19,967,000
Valuation allowance for net deferred tax assets      (22,293,000)      (19,967,000)
Total   $  -   $  -
Reconciliation of federal statutory income tax rate to our effective 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, 2019 and 2018 was as follows:

 

 

    2019   2018
Computed expected tax expense   $  (1,853,000)   $  (1,515,000)
State taxes, net of federal benefit      (581,000)      (630,000)
Expiration of NOL carryforwards     44,000     44,000
Other     64,000     13,000
Change in valuation allowance     2,326,000     2,088,000
Total   $  -   $  -