| Schedule of Income Tax Provision (Benefit) |
The income tax provision (benefit) for the years ended
December 31, 2020 and 2019 consists of the following:
| |
|
Year Ended December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| |
|
|
|
|
|
|
| Federal: |
|
|
|
|
|
|
|
|
| Current |
|
$ |
- |
|
|
$ |
- |
|
| Deferred |
|
|
(4,451,900 |
) |
|
|
4,684,600 |
|
| |
|
|
|
|
|
|
|
|
| State: |
|
|
|
|
|
|
|
|
| Current |
|
$ |
- |
|
|
$ |
- |
|
| Deferred |
|
|
(1,059,700 |
) |
|
|
1,115,400 |
|
| |
|
|
(5,511,600 |
) |
|
|
5,800,000 |
|
| Change in valuation allowance |
|
|
5,511,600 |
|
|
|
(5,800,000 |
) |
| Income tax provision (benefit) |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Disaggregation of Domestic and Foreign Pre-Tax Loss |
The disaggregation of the Company’s domestic
and foreign pre-tax loss for the years ended December 31, 2020 and 2019 is as follows:
| |
|
Year Ended December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| U.S. |
|
$ |
(17,636,705 |
) |
|
$ |
(9,433,649 |
) |
| Foreign |
|
|
(210,762 |
) |
|
|
(214,851 |
) |
| Total |
|
$ |
(17,847,467 |
) |
|
$ |
(9,648,500 |
) |
|
| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of temporary differences that give
rise to deferred tax assets and liabilities are presented below:
| |
|
As of December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Deferred Tax Assets: |
|
|
|
|
|
|
|
|
| Net operating loss carryforwards |
|
$ |
26,066,000 |
|
|
$ |
20,650,000 |
|
| Stock-based compensation |
|
|
400,900 |
|
|
|
240,700 |
|
| Accruals |
|
|
127,700 |
|
|
|
129,400 |
|
| Goodwill |
|
|
728,500 |
|
|
|
728,500 |
|
| Intangible assets |
|
|
211,600 |
|
|
|
299,800 |
|
| Inventory |
|
|
56,400 |
|
|
|
178,900 |
|
| Allowance for doubtful accounts |
|
|
92,600 |
|
|
|
18,700 |
|
| Capital loss |
|
|
22,100 |
|
|
|
39,200 |
|
| Tax credits |
|
|
563,100 |
|
|
|
508,100 |
|
| |
|
|
28,268,900 |
|
|
|
22,793,300 |
|
| |
|
|
|
|
|
|
|
|
| Deferred Tax Liabilities |
|
|
|
|
|
|
|
|
| Alternative fuel credits |
|
|
- |
|
|
|
(32,100 |
) |
| Fixed assets |
|
|
(31,300 |
) |
|
|
(43,200 |
) |
| Deferred revenue |
|
|
(8,000 |
) |
|
|
- |
|
| |
|
|
(39,300 |
) |
|
|
(75,300 |
) |
| |
|
|
|
|
|
|
|
|
| Net deferred tax assets |
|
|
28,229,600 |
|
|
|
22,718,000 |
|
| Valuation allowance |
|
|
(28,229,600 |
) |
|
|
(22,718,000 |
) |
| Deferred tax assets, net of valuation allowance |
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| Change in valuation allowance |
|
$ |
5,511,600 |
|
|
$ |
(5,800,000 |
) |
|