16. Income Taxes
|3 Months Ended|
Mar. 31, 2020
|Income Tax Disclosure [Abstract]|
NOTE 16 - INCOME TAXES
The Company has experienced substantial losses for both book and tax purposes since inception and to date has not provided for any income tax expense. The potential future recovery of any tax assets that the Company may be entitled to due to these accumulated losses is uncertain and these tax assets are fully reserved based on management’s current estimates.
The Company’s estimated operating loss carryforwards and expiration dates for tax purposes are as follows:
2016 - $1,618,386 expiring in 2036
2017 - $2,182,354 expiring in 2037
2018 - $2,216,005 no expiration
2019 - $5,914,381 no expiration
2020 - $1,252,986 no expiration
Realization of operating loss carryforwards to offset future operating income for tax purposes are subject to various limitations including change of ownership and current year taxable income percentage limitations.
The Company has no credit carryforwards for tax purposes.
The Company’s tax returns since inception are subject to examination by taxing jurisdictions in the United States and Canada.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef