Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

The following table presents a reconciliation of the statutory Federal rate and the Company’s effective tax rate for the years ended December 31:

	2020			2019
Change in valuation allowance		19.02	%		12.80	%
Debt instruments		(2.57	)%		3.19	%
Stock based compensation		2.63	%		2.92	%
Accrued compensation		2.80	%		1.03	%
Interest expense		(2.26	)%		0.85	%
Depreciation and amortization		1.37	%		0.16	%
Other		0.00	%		0.04	%
Tax benefit at Federal statutory rate		(21.00	)%		(21.00	)%
Effective tax rate		0.00	%		0.00	%

The following table presents significant components of the Company’s deferred tax assets and liabilities for the years ended December 31:

	2020			2019
DEFERRED TAX ASSETS, net:
Net operating loss carryforwards	$	12,186,945		$	10,670,455
Accrued compensation		1,341,779			1,211,630
Stock based compensation		175,676			196,809
Credit carryforwards		58,122			58,122
Interest expenses		57,333			57,332
Depreciation and amortization		(155,304	)		(208,482	)
Debt instruments		(14,944	)		(408,144	)
Total		13,649,607			11,577,722
Less valuation allowance		(13,649,607	)		(11,577,722	)
NET DEFERRED TAX ASSETS	$	-		$	-