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 Deferred Tax Assets

Deferred tax assets are comprised of the following:

 

    2020     2019  
Deferred tax assets:                
NOL carryover   $ 4,184,400     $ 3,038,600  
Depreciation     (14,300 )     (800 )
Valuation allowance     (4,170,100 )     (3,037,800 )
Net deferred tax asset   $ -     $ -  
Schedule of Reconciliation of the Provision for Income Taxes

The reconciliation of the provision for income taxes computed at the U.S. federal statutory tax rate (21%) to the Company’s effective tax rate for the years ended December 31, 2020 and 2019 is as follows:

 

    2020     2019  
Book Loss   $ (1,472,000 )   $ (1,327,400 )
Depreciation     13,500       19,000  
Meals & Entertainment     200       167,420  
Stock Compensation     177,333       1,900  
Change in valuation allowance     1,280,967       1,139,080  
Provision for Income Taxes   $ -     $ -