IGEN NETWORKS CORP - 10-K filing on 2020-05-29

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of income tax provision

		2019				2018
Current:
Federal		$	-			$	10,000
State			-				-
Foreign			-				-
Total Current			-				10,000
Deferred:
Federal			-				-
State			-				-
Foreign			-				-
Total Deferred			-				-
Provision for income taxes		$	-			$	10,000

Schedule of reconciliation of income tax expense

		2019				2018
Computed tax benefit at federal statutory rate		$	(100,605	)		$	(223,397	)
Permanent items			11,913				6,987
Stock-based compensation			1,050				11,840
Incentive stock options			-				1,773
Conversion feature derivative liability			(37,852	)			(11,979	)
Interest expense, derivative liability			36,428				-
Uncertain tax positions			-				10,000
Impact of difference related to foreign earnings			1,469				-
Gain on extinguishment of debt			-				(22,104	)
Change in fair value of derivative liability			(42,748	)			-
Valuation allowance			130,345				236,880
Provision for income taxes		$	-			$	10,000

Schedule of deferred tax assets

		2019				2018
Deferred Tax Assets:
Net operating loss carryforwards		$	2,192,000			$	1,826,000
Stock-based compensation			7,000				1,000
Accounts receivable and other timing differences			197,000				317,000
Basis difference in assets and debt			(109,000	)			(42,000	)
Total Deferred Tax Asset			2,287,000				2,102,000
Valuation allowance			(2,287,000	)			(2,102,000	)
Net Deferred Tax Asset		$	-			$	-

Unrecognized tax benefits

		Federal and State
Balance at January 1, 2019		$	90,000
Additions for tax positions related to current year			-
Additions for tax positions related to prior years			-
Balance at December 31, 2019		$	90,000