Annual report pursuant to Section 13 and 15(d)

9. INCOME TAXES (Tables)

v3.20.1
9. INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Provision for income taxes

 

    2019     2018  
Current:            
Federal taxes   $     $  
State taxes                
Total current                
                 

  

    2019     2018  
Deferred:            
Federal taxes     4,098,000       4,073,000  
State taxes     1,374,000       1,609,000  
Subtotal     5,472,000       5,682,000  
Change in valuation allowance     (5,472,000 )     (5,682,000 )
Total deferred            
                 
Provision for income taxes   $ -     $ -  

 

Summary of deferred tax assets and liabilities
    2019     2018  
Deferred tax assets (liabilities):            
Net operating loss and credits   $ 14,456,000     $ 11,129,000  
Stock compensation     3,992,000       3,452,000  
Accrued interest expense     1,541,000       938,000  
Fixed assets and intangibles     118,000       87,000  
           
Total deferred tax assets     20,107,000       15,606,000  
Valuation allowance     (20,107,000 )     (15,606,000 )
Total deferred tax assets, net of valuation allowance   $ -     $ -  
Schedule of Effective Income Tax Rate Reconciliation
    2019     2018  
             
Statutory federal tax rate - (benefit) expense     21 %     35 %
Non-deductible permanent items     (6 )     (1 )
Change in tax rate     -       (29 )
Valuation allowance     (15 )     (5 )
      - %     - %