Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Taxes Tables Abstract  
Reconciliation of income tax expense
   

December 31,

2018

 

December 31,

2017

U.S. Statutory rate   $ (530,472 )   $ 848,403  
Tax rate difference between Italy, Austria, Canada and U.S.     (394,401 )     (428,353 )
Change in Valuation Allowance and adjustments     1,311,040       535,782  
Permanent difference     716,534       17,092  
Income tax expense   $ 1,102,701     $ 972,924  
Deferred tax assets

 

   

December 31,

2018

 

December 31,

2017

Current   $ 1,102,701     $ 972,924  
Deferred     —         —    
Total   $ 1,102,701     $ 972,924  

Provisions for income taxes

 

   

December 31,

2018

 

December 31,

2017

Net loss carryforward - Foreign   $ 124,407     $ 2,732  
Net loss carryforward - US     3,861,629       4,540,465  
      3,986,036       4,543,197  
Less valuation allowance     (3,986,036 )     (4,543,197 )
Deferred tax assets   $ —       $ —