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INCOME TAXES
 12 Months Ended
Dec. 31, 2021
INCOME TAXES

 

24.INCOME TAXES

 

The following table reconciles the expected income tax recovery at the Canadian statutory income tax rate of 26.5% for 2021 (2020 - 26.5%, 2019 - 26.5%) to the amounts recognized in operations.

 

 

For the Year Ended December 31,  2021   2020   2019 
             
Net loss, continuing operations  $(15,669,093)  $(18,169,070)  $(11,727,372)
Net income, discontinued operations   -    -    5,481,757 
Net loss before taxes  $(15,669,093)  $(18,169,070)  $(6,245,615)
                
Expected current income tax recovery   4,152,310    4,814,804    1,655,088 
Deferred tax recovery   -    -    292,740 
 Total amount of expected and actual income tax recorded   4,152,310    4,814,804    1,947,828 

 

For the Year Ended December 31,  2021   2020   2019 
             
Adjustments to income tax recovery:               
                
Amounts not deductible for tax purposes  $(1,201,600)  $(957,400)  $(1,212,900)
Other non-deductible items   (111,000)   (137,000)   (173,000)
Other deductible items   157,000    115,000    216,000 
Non-taxable gain   383,000    -    2,307,000 
Non-taxable loan forgiveness   49,000    -    - 
Foreign tax differential   (508,000)   (221,000)   591,000 
Non-recognizable permanent capital loss   -    -    (1,175,000)
Unusable foreign tax recoveries   -    -    (7,040,081)
Unrecognized tax recovered (losses)   (2,920,710)   (3,614,404)   4,831,893 
Income tax recovery recognized  $-   $-   $292,740 

 

The following table reflects future income tax assets at December 31:

 

   2021   2020   2019 
             
Resource assets  $1,024,271   $1,024,271   $1,024,271 
Gross unamortized share issue costs   1,114,604    325,600    385,000 
Canadian non-capital losses   21,404,000    22,969,000    16,545,000 
Canadian capital losses   5,565,125    4,432,532    4,432,500 
US non-capital losses   86,073,000    78,829,000    75,060,000 
Singapore non-capital losses   9,180,000    3,753,000    378,000 
Unused income tax losses   124,361,000    111,333,403    97,824,771 
Unrecognized deferred tax assets   (124,361,000)   (111,333,403)   (97,824,771)
Deferred income tax assets recognized  $-   $-   $- 

 

 

POET TECHNOLOGIES INC.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in US Dollars)