Annual report pursuant to Section 13 and 15(d)

9. INCOME TAXES (Tables)

v3.20.4
9. INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Provision for income taxes
    2020     2019  
Current:            
Federal taxes   $     $  
State taxes                
Total current                
                 

 

    2020     2019  
Deferred:            
Federal taxes   $ 2,919,000     $ 4,098,000  
State taxes     886,000       1,374,000  
Subtotal     3,805,000       5,472,000  
Change in valuation allowance     (3,805,000 )     (5,472,000 )
Total deferred            
Provision for income taxes   $ -     $ -  
Deferred tax assets and liabilities
    2020     2019  
Deferred tax assets (liabilities):            
Net operating loss and credits   $ 20,799,000     $ 14,456,000  
Stock compensation     3,155,000       3,992,000  
Accrued liabilities     65,000       -  
Accrued interest expense     -       1,541,000  
Fixed assets and intangibles     (106,000 )     118,000  
Total deferred tax assets     23,913,000       20,107,000  
Valuation allowance     (23,913,000 )     (20,107,000 )
Total deferred tax assets, net of valuation allowance   $ -     $ -  
Effective income tax rate reconciliation
    2020     2019  
             
Statutory federal tax rate - (benefit) expense     21 %     21 %
State tax, net     -       -  
Non-deductible permanent items     (1 )     (6 )
Change in tax rate     -       -  
Valuation allowance     (20 )     (15 )
      - %     - %