Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Income Tax Benefit

Income tax benefit for the years ending December 31 consisted of:

	2020			2019
Federal:
Current	$	(186,217	)	$	(707,040	)
Deferred		2,572			215,992
State and local:
Current		(20,159	)		(63,942	)
Deferred		361			54,087
Total	$	(203,443	)	$	(500,903	)

Reconciliation of Federal Statutory Rate to Effective Tax Rate

A reconciliation of the federal statutory rate to the effective tax rate for the years ended December 31 is set forth below:

	2020			2019
Statutory Federal income tax rate		21.0	%		21.0	%
State income tax, net of Federal benefit		3.12	%		-2.18	%
State Valuation Allowance		-2.17	%		3.16	%
Federal Valuation Allowance		-8.29	%		0.20	%
Other		-1.23	%		-1.33	%
Effective income tax rate		12.43	%		20.85	%

Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows:

	2020			2019
Deferred tax assets:
Federal and State NOL Carryforward		337,606			174,590
Stock-based Compensation Expense		-			-
Compensation		-			-
Other		29,650			5,359
Total Gross DTA		367,256			179,949
Less: Valuation Allowance		(354,833	)		(174,590	)
Total Deferred Tax Assets		12,423			5,359
Deferred tax liabilities:
Stock Based Compensation		(9,468	)		(2,349	)
Deferred State Income Tax		(2,955	)		(80	)
		(12,423	)		(2,429	)
Net deferred tax assets		-			2,930