Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.10.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
 
 
2018
 
 
2017
 
 
 
 
 
 
 
 
Tax provision (benefit)
 
 
 
 
 
 
 
 
Current
 
 
 
 
 
 
 
 
Federal
 
$
 
 
$
 
State
 
 
 
 
 
 
Total current
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred
 
 
 
 
 
 
 
 
Federal
 
 
(2,688,003
)
 
 
13,626,404
 
State
 
 
(45,138
)
 
 
1,969,262
 
Total deferred
 
 
(2,733,141
)
 
 
15,595,666
 
 
 
 
 
 
 
 
 
 
Change in valuation allowance
 
 
2,733,141
 
 
 
(15,595,666
)
Total
 
$
 
 
$
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
Deferred tax assets consisted of the following at December 31:
 
 
 
2018
 
 
2017
 
 
 
 
 
 
 
 
Deferred tax assets
 
 
 
 
 
 
 
 
Federal net operating loss
 
$
26,562,715
 
 
$
24,353,504
 
Federal research and development tax credit carryforwards
 
 
5,439,062
 
 
 
4,947,879
 
State net operating losses and tax credit carryforwards
 
 
1,589,926
 
 
 
1,589,927
 
Capitalized research and development expenses
 
 
5,959,275
 
 
 
5,772,165
 
Stock-based compensation expense
 
 
1,565,130
 
 
 
1,445,078
 
Depreciable assets
 
 
 
 
 
166,793
 
Other
 
 
103,189
 
 
 
121,680
 
Total deferred tax assets
 
 
41,219,297
 
 
 
38,397,026
 
 
 
 
 
 
 
 
 
 
Deferred tax liabilities
 
 
 
 
 
 
 
 
   Depreciable assets
 
 
(89,129
)
 
 
 
Total deferred tax liabilities
 
 
(89,129
)
 
 
 
 
 
 
 
 
 
 
 
 
Net deferred tax assets
 
 
41,130,168
 
 
 
38,397,026
 
Less– valuation allowance
 
 
(41,130,168
)
 
 
(38,397,026
)
Total deferred tax assets
 
$
 
 
$
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations is as follows:
 
 
 
Year ended December 31,
 
 
 
2018
 
 
2017
 
Income tax benefit using U.S. federal statutory rate
 
 
(21.00
)%
 
 
34.00
%
State income taxes
 
 
(0.27
)%
 
 
(9.58
)%
Permanent items
 
 
2.56
%
 
 
(2.55
)%
Federal tax credits
 
 
(3.44
)%
 
 
8.43
%
Change in valuation allowance
 
 
20.65
%
 
 
115
%
Federal rate change
 
 
%
 
 
(143.50
)%
Other
 
 
1.50
%
 
 
(1.80
)%
Total
 
 
0.00
%
 
 
0.00
%