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 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)   $ -     $ -  
Summary of Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:

 

    For the Year Ended  
    December 31,  
    2020     2019  
             
Tax benefit at federal statutory rate     (21.0 )%     (21.0 )%
State income taxes, net of federal benefit     (5.0 )%     (5.0 )%
Permanent differences                
Stock Compensation     (5.0 )%     0.0 %
Other     1.0 %     0.8 %
Tax credits     0.0 %     0.2 %
Prior period differences     (1.0 )%     85.1 %
Change in valuation allowance     31.0 %     (60.1 )%
Effective income tax rate     0.0 %     0.0 %
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 )