IGEN NETWORKS CORP - POS AM filing on 2021-07-08

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of income tax provision

		2020				2019
Current:
Federal		$	-			$	-
State			-				-
Foreign			-				-
Total Current			-				-
Deferred:
Federal			-				-
State			-				-
Foreign			-				-
Total Deferred			-				-
Provision for income taxes		$	-			$	-

Unrecognized tax benefits

		Federal and State
Balance at January 1, 2020		$	90,000
Additions for tax positions related to current year			-
Additions for tax positions related to prior years			-
Balance at December 31, 2020		$	90,000

Schedule of deferred tax assets

		2020				2019
Deferred Tax Assets:
Net operating loss carryforwards		$	2,501,000			$	2,192,000
Stock-based compensation			6,000				7,000
Accounts receivable and other timing differences			140,000				197,000
Basis difference in assets and debt			(64,000	)			(109,000	)
Total Deferred Tax Asset			2,583,000				2,287,000
Valuation allowance			(2,583,000	)			(2,287,000	)
Net Deferred Tax Asset		$	-			$	-

Schedule of reconciliation of income tax expense

		2020				2019
Computed tax benefit at federal statutory rate		$	(554,289	)		$	(100,605	)
Permanent items			1,778				11,913
Stock-based compensation			58,284				1,050
Incentive stock options			-				-
Conversion feature derivative liability			24,394				(37,852	)
Interest expense, derivative liability			34,505				36,428
Uncertain tax positions			-				-
Impact of difference related to foreign earnings			-				1,469
Gain on extinguishment of debt			-				-
Change in fair value of derivative liability			223,699				(42,748	)
Valuation allowance			211,629				130,345
Provision for income taxes		$	-			$	-