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 income (loss) before income taxes
For the Years Ended
December 31,
2020 2019
United States $ (45,315,394 ) $ (15,173,062 )
Foreign (468,944 ) (282,265 )
Loss before income taxes from continuing operations $ (45,784,338 ) $ (15,455,327 )

Schedule of income tax provision (benefit)
For the Years Ended
December 31,
2020 2019
Federal
Current $
-
$
-
Deferred (7,159,062 ) (7,527,844 )
State and local:
Current
-
-
Deferred (681,815 ) (716,938 )
Foreign
Current
-
-
Deferred (63,193 )
-
(7,904,070 ) (8,244,782 )
Change in valuation allowance 7,904,070 8,244,782
Income tax provision (benefit) $
-
$
-

Schedule of expected tax expense (benefit)
For the Years Ended
December 31,
2020 2019
U.S. Federal statutory rate 21.0 % 21.0 %
State taxes, net of federal benefit 6.3 % 2.0 %
Permanent differences (10.7 %) (0.2 %)
Statutory rate differential - domestic v. foreign (0.1 %) (0.2 %)
Changes in tax rates 1.0 % 0.0 %
Other 0.4 % 1.1 %
Adjustments in deferred taxes (0.9 %) 29.6 %
Change in valuation allowance (17.0 %) (53.3 %)
Total 0.0 % 0.0 %

Schedule of deferred tax assets
As of
December 31,
2020 2019
Deferred Tax Assets:
Net operating loss carryforwards $ 13,022,657 $ 8,936,688
Production costs 274,355 231,217
Investment 2,909,497 2,190,138
Stock-based compensation 387,410 56,976
Capitalized start-up costs 322,793 353,651
Property and equipment 1,022,026
-
Accruals and other 1,252,731 547,735
Gross deferred tax assets 19,191,469 12,316,404
Property and equipment
(1,029,005 )
Net deferred tax assets 19,191,469 11,287,399
Valuation allowance (19,191,469 ) (11,287,399 )
Deferred tax assets, net of valuation allowance $
-
$
-