General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of U.S. Federal Statutory Rate

The reconciliation of the U.S. federal statutory rate to the Company’s effective tax rate is as follows:

 

     Year Ended
December 31,		  
     2020     2019  

Tax at statutory rate

      21.00 %      21.00 % 

State income taxes

      5.00 %      4.99 % 

Permanent differences

      (0.03 )%      (0.09 )% 

State tax rate change

      —         —    

Change in valuation allowance

      (25.97 )%      (25.90 )% 
  

 

 

    

 

 

  

Effective tax rate

      0.00 %      0.00 % 
  

 

 

    

 

 

  
Schedule of Net Deferred Tax Asset

The significant components of the Company’s deferred tax asset consist of the following at December 31, 2020 and 2019:

 

     December 31,  
     2020      2019  

Deferred tax assets:

      

Net operating loss carryforwards

    $ 1,826,692      $ 1,611,887  

Stock-based compensation

      1,836,905        1,312,200  
  

 

 

     

 

 

  

Total deferred tax assets

      3,663,597        2,924,087  

Deferred tax asset valuation allowance

      (3,663,597 )       (2,924,087 ) 
  

 

 

     

 

 

  

Net deferred tax asset

    $ —        $ —