Schedule of Components of Income Tax Expense (Benefit) |
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2019
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2018
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Tax provision (benefit)
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Current
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Federal
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$
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—
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$
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—
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State
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—
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—
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Total current
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—
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—
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Deferred
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Federal
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(2,141,153)
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(2,688,003)
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State
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(6,146,506)
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(45,138)
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Total deferred
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(8,287,659)
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(2,733,141)
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Change in valuation allowance
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8,287,659
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2,733,141
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Total
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$
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—
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$
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—
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Schedule of Deferred Tax Assets and Liabilities |
Deferred tax assets consisted of the following at December 31:
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2019
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2018
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Deferred tax assets
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Federal net operating loss
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$
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28,261,717
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$
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26,562,715
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Federal research and development tax credit carryforwards
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6,137,842
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5,439,062
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State net operating losses and tax credit carryforwards
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3,590,961
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1,589,926
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Capitalized research and development expenses
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8,955,425
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5,959,275
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Stock-based compensation expense
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2,333,551
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1,565,130
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Depreciable assets
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—
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—
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Other
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292,259
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103,189
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Total deferred tax assets
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49,571,755
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41,219,297
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Deferred tax liabilities
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Depreciable assets
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(153,928)
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(89,129)
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Total deferred tax liabilities
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(153,928)
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(89,129)
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Net deferred tax assets
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49,417,827
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41,130,168
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Less- valuation allowance
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(49,417,827)
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(41,130,168)
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Total deferred tax assets
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$
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—
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$
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—
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