Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
The effective rate differs from the statutory rate of 21% as of December 31, 2019 and 2018 due to the following:

   

2019

   

2018

 

Statutory rate on pre-tax book loss

    (21.00

)%

    (21.00

)%

(Gain) loss on change in fair value of derivatives

    -

%

    -

%

Stock based compensation

    3.35

%

    8.25

%

Fair value of warrant to acquire research and development

    1.93

%

    -

%

Other

    0.04

%

    0.04

%

Valuation allowance

    15.68

%

    12.71

%

      0.00

%

    0.00

%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The Company’s deferred taxes as of December 31, 2019 and 2018 consist of the following:

   

2019

   

2018

 

Non-Current deferred tax asset:

               

 Net operating loss carry-forwards

  $ 13,500,000     $ 7,200,000  

 Valuation allowance

    (13,500,000

)

    (7,200,000

)

 Net non-current deferred tax asset

  $ -     $ -