INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense (Benefit |
The provisions for income taxes for the years
ended December 31, 2019 and 2018 through 2016 are as follows:
| |
|
2019 |
|
2018 |
|
2017 |
|
2016 |
|
2015 |
| Current: |
|
|
|
|
|
|
|
|
|
|
| Federal |
|
$ |
(265,000 |
) |
|
$ |
(418,000 |
) |
|
$ |
(127,000 |
) |
|
$ |
110,000 |
|
|
$ |
(319,000 |
) |
| State |
|
|
(123,000 |
) |
|
|
(193,000 |
) |
|
|
(36,000 |
) |
|
|
31,000 |
|
|
|
|
|
| Deferred: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
|
(1,992,000 |
) |
|
|
(1,111,000 |
) |
|
|
(241,000 |
) |
|
|
129,000 |
|
|
|
140,000 |
|
| State |
|
|
(920,000 |
) |
|
|
(513,000 |
) |
|
|
(69,000 |
) |
|
|
37,000 |
|
|
|
|
|
| Change in Valuation Allowance |
|
|
3,300,000 |
|
|
|
2,235,000 |
|
|
|
473,000 |
|
|
|
(307,000 |
) |
|
|
179,000 |
|
| Provision for income taxes |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the federal statutory
tax rate to the effective tax rate is as follows:
| |
|
2019 |
|
2018 |
|
2017 |
|
2016 |
|
2015 |
| Federal statutory rate |
|
|
21 |
% |
|
|
21 |
% |
|
|
21 |
% |
|
|
34 |
% |
|
|
34 |
% |
| State, net of federal tax benefit |
|
|
6.98 |
% |
|
|
6.98 |
% |
|
|
6.98 |
% |
|
|
5.83 |
% |
|
|
5.83 |
% |
| Effect of permanent differences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State return to provision |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in valuation allowance |
|
|
-28 |
% |
|
|
-28 |
% |
|
|
-28 |
% |
|
|
-40 |
% |
|
|
-40 |
% |
| Effective tax rate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
At December 31, 2019 and 2018 through 2016,
the deferred income tax assets consisted of the following:
| |
|
2019 |
|
2018 |
|
2017 |
|
2016 |
|
2015 |
| Deferred tax assets: |
|
$ |
14,563,000 |
|
|
$ |
11,263,000 |
|
|
$ |
9,028,000 |
|
|
$ |
8,555,000 |
|
|
$ |
8,862,000 |
|
| Less: Valuation Allowance |
|
|
(14,563,000 |
) |
|
|
(11,263,000 |
) |
|
|
(9,028,000 |
) |
|
|
(8,555,000 |
) |
|
|
(8,862,000 |
) |
| Net deferred income taxes |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of deferred income tax assets for temporary differences |
At December 31, 2019 and 2018 through 2016,
the deferred income tax assets consisted of the following temporary differences:
| |
|
2019 |
|
2018 |
|
2017 |
|
2016 |
|
2015 |
| Net operating losses |
|
$ |
8,530,000 |
|
|
$ |
8,140,000 |
|
|
$ |
7,529,000 |
|
|
$ |
7,366,000 |
|
|
$ |
7,507,000 |
|
| Share based compensation |
|
|
269,000 |
|
|
|
107,000 |
|
|
|
87,000 |
|
|
|
73,000 |
|
|
|
483,000 |
|
| Accrued payroll |
|
|
1,631,000 |
|
|
|
1,359,000 |
|
|
|
1,412,000 |
|
|
|
1,116,000 |
|
|
|
830,000 |
|
| Impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42,000 |
|
| Derivative Liability |
|
|
4,132,000 |
|
|
|
1,656,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total deferred tax assets |
|
|
14,562,000 |
|
|
|
11,262,000 |
|
|
|
9,028,000 |
|
|
|
8,555,000 |
|
|
|
8,862,000 |
|
| Less: Valuation allowance |
|
|
(14,562,000 |
) |
|
|
(11,262,000 |
) |
|
|
(9,028,000 |
) |
|
|
(8,555,000 |
) |
|
|
(8,862,000 |
) |
| |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of operating loss carryforwards |
At December 31, 2019 through 2016, the Company
has federal net operating loss carryforwards of approximately:
| |
|
2019 |
|
2018 |
|
2017 |
|
2016 |
|
2015 |
| Net operating losses |
|
$ |
21,152,000 |
|
|
$ |
19,765,000 |
|
|
$ |
17,579,000 |
|
|
$ |
17,169,000 |
|
|
$ |
17,523,343 |
|
|