Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2019
INCOME TAXES  
Schedule of Components of Income Tax Expense (Benefit)

 

 

 

 

 

 

 

 

    

2019

    

2018

 

 

 

 

 

 

 

Tax provision (benefit)

 

 

  

 

 

  

Current

 

 

  

 

 

  

Federal

 

$

 —

 

$

 —

State

 

 

 —

 

 

 —

Total current

 

 

 —

 

 

 —

 

 

 

 

 

 

 

Deferred

 

 

  

 

 

  

Federal

 

 

(2,141,153)

 

 

(2,688,003)

State

 

 

(6,146,506)

 

 

(45,138)

Total deferred

 

 

(8,287,659)

 

 

(2,733,141)

 

 

 

 

 

 

 

Change in valuation allowance

 

 

8,287,659

 

 

2,733,141

Total

 

$

 —

 

$

 —

 

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets consisted of the following at December 31:

 

 

 

 

 

 

 

 

 

    

2019

    

2018

 

 

 

 

 

 

 

Deferred tax assets

 

 

  

 

 

  

Federal net operating loss

 

$

28,261,717

 

$

26,562,715

Federal research and development tax credit carryforwards

 

 

6,137,842

 

 

5,439,062

State net operating losses and tax credit carryforwards

 

 

3,590,961

 

 

1,589,926

Capitalized research and development expenses

 

 

8,955,425

 

 

5,959,275

Stock-based compensation expense

 

 

2,333,551

 

 

1,565,130

Depreciable assets

 

 

 —

 

 

 —

Other

 

 

292,259

 

 

103,189

Total deferred tax assets

 

 

49,571,755

 

 

41,219,297

 

 

 

 

 

 

 

Deferred tax liabilities

 

 

  

 

 

  

Depreciable assets

 

 

(153,928)

 

 

(89,129)

Total deferred tax liabilities

 

 

(153,928)

 

 

(89,129)

 

 

 

 

 

 

 

Net deferred tax assets

 

 

49,417,827

 

 

41,130,168

Less- valuation allowance

 

 

(49,417,827)

 

 

(41,130,168)

Total deferred tax assets

 

$

 —

 

$

 —

 

Schedule of Effective Income Tax Rate Reconciliation

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, 

 

 

    

2019

    

2018

 

Income tax benefit using U.S. federal statutory rate

 

(21.00)

%  

(21.00)

%

State income taxes

 

(34.46)

%  

(0.27)

%

Permanent items

 

0.01

%  

2.56

%

Federal tax credits

 

(5.21)

%  

(3.44)

%

Change in valuation allowance

 

58.81

%  

20.65

%

Other

 

1.85

%  

1.50

%

Total

 

0.00

%  

0.00

%