General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Taxes [Abstract]  
Schedule of income (loss) before income taxes
    For the Years Ended  
    December 31,  
    2019     2018  
             
United States   $ (15,339,841 )   $ (28,118,382 )
Foreign     (1,398,888 )     (2,901,343 )
Loss before income taxes   $ (16,738,729 )   $ (31,019,725 )
Schedule of income tax provision (benefit)
    For the Years Ended  
    December 31,  
    2019     2018  
Federal:            
Current   $     $  
Deferred     (3,036,568 )     (4,840,852 )
State and local:                
Current            
Deferred     (289,197 )     346,679  
Foreign:                
Current            
Deferred     (38,037 )     (187,853 )
      (3,287,728 )     (4,682,026 )
Change in valuation allowance     3,287,728       4,682,026  
Income tax provision (benefit)   $        
Schedule of Reconciliation of income tax
    For the Years Ended  
    December 31,  
    2019     2018  
U.S. federal statutory rate     (21.0 )%     (21.0 )%
State taxes, net of federal benefit     (2.0 )%     (2.0 )%
Permanent differences     0.6 %     3.8 %
Statutory rate differential - domestic. vs. foreign     1.6 %     1.8 %
Changes in tax rates     0.0 %     2.9 %
Other     (1.2 )%     (0.6 )%
Adjustment in deferred taxes     41.6 %     0.0 %
Change in valuation allowance     (19.6 )%     15.1 %
Income tax provision (benefit)     0.0 %     0.0 %
Schedule of deferred tax assets
    For the Years Ended  
    December 31,  
    2019     2018  
Deferred Tax Assets:            
Net operating loss carryforwards   $ 9,343,617     $ 13,521,964  
Production costs     1,929,672       2,056,726  
Investment     2,190,138       2,183,396  
Stock-based compensation     104,236       40,516  
Capitalized start-up costs     353,651       411,842  
Accruals and other     898,494       398,310  
Gross deferred tax assets     14,819,808       18,612,754  
Deferred Tax Liabilities                
Property and equipment     (922,857 )     (1,428,075 )
Net deferred tax assets     13,896,951       17,184,679  
Valuation allowance     (13,896,951 )     (17,184,679 )
Deferred tax assets, net of valuation allowance   $     $