Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.21.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
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, 2020 and 2019 were as follows:

 

    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:

 

    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   $ -     $ -