Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
SCHEDULE OF LOSS BEFORE INCOME TAX, DOMESTIC AND FOREIGN

United States and international components of loss before income taxes were as follows:

 

    2020     2019  
    For the Years Ended  
    December 31,  
    2020     2019  
United States   $ (4,741,002 )   $ (5,397,049 )
International     (1,040,681 )     (1,559,766 )
Loss before income taxes   $ (5,781,683 )   $ (6,956,815 )
SCHEDULE OF COMPONENTS OF INCOME TAX PROVISION (BENEFIT)

The income tax provision (benefit) consisted of the following:

 

    For the Years Ended  
    December 31,  
    2020     2019  
Federal                
Current   $ -     $ -  
Deferred     (238,985 )     (745,677 )
                 
State and local                
Current     -       -  
Deferred     5,778,140     425,387  
                 
Foreign                
Current     -       -  
Deferred     130,114       326,017  
                 
Income tax expense benefit before valuation allowance     5,669,269     5,727  
Change in valuation allowance     (5,669,269 )     (5,727 )
Income tax provision (benefit)   $ -     $ -  
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

For the years ended December 31, 2020 and 2019, the expected tax expense (benefit) based on the statutory rate is reconciled with the actual tax expense (benefit) as follows:

 

                 
    For the Years Ended  
    December 31,  
    2020     2019  
U.S. federal statutory rate     (21.0 )%     (21.0 )%
State taxes, net of federal benefit     0  %     (0.1 )%
Permanent differences     1.4  %     0.7  %
Write-off of deferred tax asset     115.4  %     18.9  %
Prior period adjustments     1.5  %     2.4  %
Other     0.8  %     (0.9 )%
Change in valuation allowance     (98.1 )%     (0.1 )%
                 
Income tax provision (benefit)     0.0 %     0.0 %
SCHEDULE OF DEFERRED TAX ASSETS

As of December 31, 2020 and 2019, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following:

 

                 
    For the Years Ended  
    December 31,  
    2020     2019  
Net operating loss   $ 14,520,050     $ 19,732,170  
Stock based compensation     166,082       349,027  
Argentine tax credits     70,201       109,610  
Accruals and other     6,720       37,144  
Receivable allowances     263,563       469,017  
Total deferred tax assets     15,026,616       20,696,968  
Valuation allowance     (15,026,520 )      (20,695,788 )
Deferred tax assets, net of valuation allowance     96       1,180  
Excess of book over tax basis of warrants     (96 )     (1,180 )
Net deferred tax assets   $ -     $ -