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 Tax Provision (Benefit)

The benefit from income taxes for the years ended December 31, 2020 and 2019 consists of the following:

 

    Years Ended December 31,  
    2020     2019  
Current Federal     (2,139 )     -  
Current State     -       -  
Deferred Federal     -       -  
Deferred State     -            -  
Benefit from income taxes     (2,139 )     -  

Schedule of Effective Income Tax Rate to the Federal Statutory Rate

The benefit from income taxes for the years ended December 31, 2020 and 2019 consists of the following:

 

    Years Ended December 31,  
    2020     2019  
Current Federal     (2,139 )     -  
Current State     -       -  
Deferred Federal     -       -  
Deferred State     -            -  
Benefit from income taxes     (2,139 )     -  

Schedule of Deferred Tax Assets and Liabilities

The reconciliation of the effective income tax rate to the federal statutory rate is as follows:

 

    Years Ended December 31,  
    2020     2019  
Federal income tax rate     (21 )%     (21 )
State tax, net of federal benefit     (7 )%     (7 )%
Carryback net operating loss     %     21 %
Change in valuation allowances     12 %     7 %
Effective income tax rate     16 %     %