Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Income Taxes

The reconciliations between the Company’s effective tax rates and the statutory tax rate for the years ended December 31, 2019 and 2018 were as follows:

 

    2019     2018  
U.S Federal taxes at the statutory rate     21.0 %     21.0 %
State taxes net of federal benefit     6.3 %     6.3 %
Valuation allowance     (27.3 )%     (27.3 )%
Total     0.0 %     0.0 %

Schedule of Deferred Tax Asset

The approximate income tax effect of each type of temporary difference and carryforward as of December 31, 2019 and 2018 is as follows:

 

    2019     2018  
Deferred tax assets:                
Net operating loss carryforwards   $ 26,291,878     $ 11,559,576  
                 
Deferred tax liabilities:                
Fixed assets     (5,421,341 )     (3,529,167 )
                 
Net deferred tax asset     20,870,537       8,030,409  
Valuation allowance     (20,870,537 )     (8,030,409 )
Total   $ -     $ -