Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Taxes on Income (Tables)

v3.20.1
Taxes on Income (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets
Deferred income taxes reflect the net tax effects of net operating loss and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets are as follows:

 

   

As of

December, 31

 
Composition of deferred tax assets:   2019     2018  
Net operating loss carry-forward   $ 1,585,272     $ 991,987  
Research and development credits     112,149       63,439  
Others     8,556       2,946  
Net deferred tax asset before valuation allowance     1,705,976       1,058,371  
Valuation allowance     (1,705,976 )     (1,058,371 )
Net deferred tax assets   $ -     $ -  

 

Schedule of Reconcile the Statutory Income Tax Rate to Effective Income Tax Rate
For the years ended December 31, 2019 and 2018, the following table reconciles the statutory income tax rate to the effective income tax rate:

 

   

Year Ended

December 31,

 
    2019     2018  
             
Tax rate     23 %     23 %
                 
Tax expense (benefit) at statutory rate   $ (2,054,113 )   $ (105,234 )
Increase in taxes from permanent differences in stock-based compensation     639,504       10,964  
Increase in taxes from permanent difference in derivative warrants liabilities and convertible loans     858,307       (212,959 )
Increase in temporary differences     111,480       -  
Others     1,925       -  
Loss carryforwards     442,897       307,229  
Income tax expense (benefit)   $ -     $ -