General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Summary of Income Tax Examinations
For the year ended December 31, 2020 and 2019, loss before income tax provision consisted of the following:

 

    December 31, 2020     December 31, 2019  
             
Domestic operations - Canada   $ (2,732,888 )   $ (5,027,596 )
Foreign operations - United States     (488,638 )     (91,550 )
Total loss before taxes   $ (3,221,526 )   $ (5,119,146 )
Schedule of Components of Income Tax Expense
Income tax expense (benefit) consists of the following for the years ended December 31, 2020 and December 31, 2019:

 

    December 31, 2020     December 31, 2019  
             
Loss before taxes   $ (3,221,526 )   $ (5,119,146 )
Statutory tax rate     27.00 %     27.00 %
Income taxes at the statutory rate   $ (869,812 )   $ (1,382,170 )
Stock-based compensation     154,227       108,505  
Share issue costs     (45,854 )     (223,439 )
Others     41,388       (58,416 )
Total   $ (720,051 )   $ (1,555,520 )
                 
Change in valuation Allowance   $ 720,051     $ 1,555,520  
Total income tax expense (benefit)   $ -     $ -  
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred taxes are as follows:

 

    December 31, 2020     December 31, 2019  
Deferred tax assets:                
Unused tax losses carry forward - Canada and United States   $ 2,669,781     $ 1,903,392  
Share issue costs - Canada     142,318       186,874  
Property and equipment - Canada     -       1,782  
Total deferred tax assets   $ 2,812,099     $ 2,092,048  
Deferred tax asset not recognized     -       -  
                 
Net deferred tax assets     2,812,099       2,092,048  
                 
Deferred tax liability:                
                 
Total deferred tax liability     -       -  
                 
Valuation Allowance   $ (2,812,099 )   $ (2,092,048 )
Net deferred tax assets (liabilities)   $ -     $ -