| 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, 2020
and 2019 were as follows:
SCHEDULE OF RECONCILIATION OF INCOME TAXES
| |
|
2020 |
|
|
2019 |
|
| U.S federal taxes at the statutory rate |
|
|
21.0% |
|
|
|
21.0% |
|
| State taxes net of federal benefit |
|
|
7.5% |
|
|
|
6.3% |
|
| Valuation allowance |
|
|
(28.5)% |
|
|
|
(27.3)% |
|
| Total |
|
|
0.0% |
|
|
|
0.0% |
|
|
| SCHEDULE OF DEFERRED TAX ASSET |
The
approximate income tax effect of the Company’s loss carryforwards and temporary differences at December 31,
2020 and 2019 were as follows:
SCHEDULE OF DEFERRED TAX ASSET
| |
|
2020 |
|
|
2019 |
|
| Deferred tax asset: |
|
|
|
|
|
|
|
|
| Net operating loss carryforwards |
|
$ |
7,613,003 |
|
|
$ |
14,139,629 |
|
| Allowance for doubtful accounts |
|
|
28,601,392 |
|
|
|
28,854,999 |
|
| Stock compensation |
|
|
6,920,551 |
|
|
|
6,330,555 |
|
Loss on equity investments |
|
|
21,649,421 |
|
|
|
22,375,404 |
|
| Goodwill writeoffs |
|
|
2,856,035 |
|
|
|
2,903,968 |
|
| Change in fair value of investments |
|
|
708,203 |
|
|
|
465,895 |
|
| Lease payments |
|
|
381,174 |
|
|
|
307,909 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
- |
|
| Depreciation |
|
|
(8,375,569 |
) |
|
|
(3,941,315 |
) |
Real
estate revenue |
|
|
(2,502,727 |
) |
|
|
(2,550,586 |
) |
| Net deferred tax asset |
|
|
57,851,483 |
|
|
|
68,886,458 |
|
| Valuation allowance |
|
|
(57,851,483 |
) |
|
|
(68,886,458 |
) |
| Total |
|
$ |
- |
|
|
$ |
- |
|
|