Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
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, 2020 and 2019 due to the following:

 

   

December 31,

2020

   

December 31,

2019

 

Statutory rate on pre-tax book loss

    (21.00

)%

    (21.00

)%

(Gain) loss on change in fair value of derivatives

    -

%

    -

%

Stock based compensation

    8.10

%

    3.35

%

Fair value of warrant to acquire research and development

    1.59

%

    1.93

%

Other

    0.03

%

    0.04

%

Valuation allowance

    11.28

%

    15.68

%

      0.00

%

    0.00

%

 

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The Company’s deferred taxes as of December 31, 2020 and 2019 consist of the following:

 

   

December 31,

2020

   

December 31,

2019

 

Non-Current deferred tax asset:

               

Net operating loss carry-forwards

  $ 19,900,000     $ 13,500,000  
Stock based compensation     4,800,000       2,000,000  

Valuation allowance

    (24,700,000

)

    (15,500,000

)

Net non-current deferred tax asset

  $ -     $ -