Registration of securities issued in business combination transactions

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Statutory Income Tax Rate

A reconciliation of the statutory income tax rates and the Company’s effective tax rate is as follows:

 

    December 31,  
    2019     2018  
Statutory U.S. federal rate     21.0 %     21.0 %
State income tax, net of federal benefit     7.0 %     7.0 %
Meals & entertainment     (0.1 )%     (0.1 )%
Valuation allowance     (27.9 )%     (27.9 )%
Provision for income taxes     0.0 %     0.0 %

Schedule of Deferred Tax Assets

The tax effects of the temporary differences and carry forwards that give rise to deferred tax assets consist of the following:

 

    As of December 31,  
    2019     2018  
Deferred tax assets:                
Net operating loss carry forwards   $ 17,773,202     $ 15,108,073  
Patent costs     423,747       382,812  
Accrued Vacation     12,832       11,516  
Research and development credit     5,241,066       4,314,813  
Stock-based compensation     2,025,742       1,903,104  
Other     10,200       8,495  
Gross deferred tax assets     25,486,789       21,728,813  
Valuation allowance     (25,486,789 )     (21,728,813 )
Net deferred tax assets   $     $