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   $
-
    $
-