INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
The Company’s provision (benefit) for income taxes consists of the following United States federal and state components:
| |
|
For the Year Ended
|
|
| |
|
December 31,
|
|
| |
|
2021
|
|
|
2020
|
|
|
Current:
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$ |
- |
|
|
$ |
- |
|
|
State
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
Deferred:
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
843,633 |
|
|
|
962,911 |
|
|
State
|
|
|
174,551 |
|
|
|
199,230 |
|
| |
|
|
1,018,184 |
|
|
|
1,162,141 |
|
|
Change in valuation allowance
|
|
|
(1,018,184 |
) |
|
|
(1,162,141 |
) |
|
Income tax provision (benefit)
|
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
The deferred tax expense (benefit) is the change in the deferred tax assets and liabilities representing the tax consequences of changes in the amounts of temporary differences, net operating loss carryforwards and changes in tax rates during the year. The Company’s deferred tax assets and liabilities are comprised of the following:
| |
|
December 31,
|
|
| |
|
2021
|
|
|
2020
|
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
Net operating losses
|
|
$ |
22,139,733 |
|
|
$ |
23,317,369 |
|
|
Share-based compensation
|
|
|
4,371,729 |
|
|
|
4,263,112 |
|
|
Deferred compensation
|
|
|
1,023,375 |
|
|
|
916,236 |
|
|
Pre-litigation settlement notes payable
|
|
|
155,710 |
|
|
|
164,993 |
|
|
Other
|
|
|
274,703 |
|
|
|
260,494 |
|
|
Total deferred tax assets
|
|
|
27,965,250 |
|
|
|
28,922,204 |
|
| |
|
|
|
|
|
|
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
OID on convertible debt beneficial conversion feature
|
|
|
(61,231 |
) |
|
|
- |
|
|
Total deferred tax liabilities
|
|
|
(61,231 |
) |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
Valuation allowance
|
|
|
(27,904,019 |
) |
|
|
(28,922,204 |
) |
| |
|
|
|
|
|
|
|
|
|
Total deferred tax assets (liabilities)
|
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
The significant elements contributing to the difference between the United States federal statutory tax rate and the Company’s effective tax rate are as follows:
| |
|
For the Year Ended
|
|
| |
|
December 31,
|
|
| |
|
2021
|
|
|
2020
|
|
|
US federal statutory rate
|
|
$ |
(690,357 |
) |
|
$ |
(607,004 |
) |
|
State tax rate, net of federal benefit
|
|
|
(137,277 |
) |
|
|
(124,658 |
) |
|
Effect of debt discount for beneficial conversion feature
|
|
|
166,437 |
|
|
|
- |
|
|
Other
|
|
|
26,880 |
|
|
|
4,514 |
|
|
Effect of expiration of net operating loss carryforwards
|
|
|
1,652,501 |
|
|
|
1,889,289 |
|
|
Change in valuation allowance
|
|
|
(1,018,184 |
) |
|
|
(1,162,141 |
) |
| |
|
|
|
|
|
|
|
|
|
Income tax provision (benefit)
|
|
$ |
- |
|
|
$ |
- |
|
|