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

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Summary of Income Tax Examinations
For the year ended December 31, 2019 and 2018, loss before income tax provision consisted of the following:

 

    December 31, 2019     December 31, 2018  
             
Domestic operations - Canada   $ (5,027,596 )   $ (2,744,792 )
Foreign operaions - United States     (91,550 )     -  
Total loss before taxes   $ (5,119,146 )   $ (2,744,792 )

Schedule of Components of Income Tax Expense
Income tax expense (benefit) consists of the following for the years ended December 31, 2019 and December 31, 2018:

 

    December 31, 2019     December 31, 2018  
             
Loss before taxes   $ (5,119,146 )   $ (2,744,792 )
Statutory tax rate     27.00 %     27.00 %
Income taxes at the statutory rate   $ (1,382,170 )   $ (741,094 )
Stock-based compensation     108,505       56,247  
Share issue costs     (223,439 )     (12,371 )
Write-down of shares issued in R&D expense     -       132,843  
Others     (58,416 )     27,847  
Total   $ (1,555,520 )   $ (536,528 )
                 
Valuation Allowance   $ 1,555,520     $ 536,528  
Total income tax expense (benefit)     -       -  

Schedule of Effective Income Tax Rate Reconciliation
The reconciliations of the statutory tax rate to the effective income tax rate for the years ended December 31, 2019 and December 31, 2018 is as follows:

 

    December 31, 2019     December 31, 2018  
Tax provision at statutory rates               27 %               27 %
Stock based compensation     (2 )%     (2 )%
Share issue costs     4 %     1 %
Write-down of shares issued in R&D expense     0 %     (5 )%
Others     1 %     (1 )%
Valuation allowance     (30 )%     (20 )%
Effective income tax rate     -       -  

Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred taxes are as follows:

 

    December 31, 2019     December 31, 2018  
Deferred tax assets:                
Unused tax losses carry forward - Canada and United States   $ 1,903,392     $ 527,169  
Share issue costs - Canada     186,874       9,793  
Property and equipment - Canada     1,782       (434 )
Total deferred tax assets   $ 2,092,048     $ 536,528  
Deferred tax asset not recognized     -       -  
      -       -  
Net deferred tax assets     2,092,048       536,528  
                 
Deferred tax liability:     -       -  
                 
Total deferred tax liability     -       -  
                 
Valuation Allowance   $ (2,092,048 )   $ (536,528 )
Net deferred tax assets (liabilities)   $ -     $ -