Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
    As of December 31,  
    2019     2018  
Net operating loss   $ 6,408,788     $ 12,739  
Stock options     747,277       -  
Unrealized losses     -       40,573  
Other     18,716       16,227  
Deferred revenue     4,247       4,251  
Allowance for doubtful accounts     78,009       -  
Valuation allowance     (7,088,189 )     (73,790 )
Total deferred tax asset     168,848       -  
                 
Basis difference fixed assets     (25,587 )     -  
Basis difference intangible assets     (46,482 )     -  
Other liabilities     (96,779 )     -  
Total deferred tax liability     (168,848 )     -  
                 
Net deferred tax asset (liability)   $ -     $ -  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
    As of December 31,  
    2019     2018  
Current tax:                
Federal            
State            
Total            
                 
Deferred tax:                
Federal   $ (1,575,843 )   $  
State     (123,778 )      
Less: change in valuation allowance     1,699,621        
             
                 
Total   $     $  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
    As of December 31, 2019     As of December 31, 2018  
                         

Net loss before tax per financial statements

  $ (11,312,500 )           $ (380,603 )        
                                 
Statutory rate     (2,375,625 )     21.00 %     (79,927 )     21.00 %
State tax rate     (186,642 )     1.65 %     -       0.00 %
Conversion to C Corporation     -       0.00 %     11,154       -2.963 %
Permanent items     862,623       -7.63 %     (281 )     0.07 %
Rate change     23       0.00 %     -       0.00 %
Change in valuation allowance     1,699,621       -15.02 %     69,054       -18.14 %
    $ -       0.00 %   $ -       0.00 %