Registration of securities issued in business combination transactions

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Income Tax (Benefit)/ Provision

The Company’s income tax (benefit)/provision is as follows:

 

    Years Ended December 31,  
    2020     2019  
Current   $ -     $ -  
Deferred     (1,958,000 )     (738,000 )
Change in Valuation Allowance     1,958,000       738,000  
Income Tax Benefit   $ -     $ -  
Schedule of Reconciliation of Income Taxes Using Statutory U.S. Income Tax Rate and Benefit from Income Taxes

The reconciliation of income taxes using the statutory U.S. income tax rate and the benefit from income taxes for the years ended December 31, 2020 and 2019 are as follows:

 

    Years Ended December 31,  
    2020     2019  
             
Statutory U.S. Federal Income Tax Rate     (21.0 )%     (21.0 )%
New Jersey State income taxes, net of U.S. Federal tax effect     (5.1 )%     (5.1 )%
True-up for prior year deferred tax assets     10.2 %     5.9 %
Other     4.8 %     1.2 %
Change in Valuation Allowance     11.1 %     19.0 %
Net     0.0 %     0.0 %
Schedule of Deferred Tax Assets and Related Valuation Allowances

The principal components of the deferred tax assets and related valuation allowances as of December 31, 2020 and 2019 are as follows:

 

    Years Ended December 31,  
    2020     2019  
             
Reserves and other   $ 148,000     $ 508,000  
Net operating loss carry-forwards     21,514,000       19,196,000  
Research and development tax credit     455,000       455,000  
Valuation Allowance     (22,117,000 )     (20,159,000 )
Net   $ -     $ -