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 Tax Disclosure [Abstract]  
Schedule of Income Tax (Benefit) Expense

Income tax (benefit) expense for respective periods noted is as follows:

 

    Year Ended  
    December 31, 2019     December 31, 2018  
Current            
Federal, State, and Local   $ -     $ -  
Deferred:                
Federal     (3,342,301 )     (2,990,653 )
State and local     (4,808,053 )     (1,825,988 )
      (8,150,354 )     (4,816,641 )
Less: Valuation allowance reserve     8,150,354       4,816,641  
    $ -     $ -

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the federal statutory income tax rate to the effective income tax rate for the respective period noted is as follows:

 

    Year Ended  
    December 31, 2019     December 31, 2018  
U.S. federal statutory rate     21.0 %     21.0 %
U.S. state and local income taxes, net of federal tax benefit     14.2 %     8.3 %
Permanent Differences     -3.5 %     -2.8 %
Other     15.5 %     0.0 %
Valuation Allowance     -47.2 %     -26.5 %
Effective tax rate     0.0 %     0.0 %

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences which give rise to the net deferred tax assets for the respective period noted is as follows:

 

    Year Ended  
    December 31, 2019     December 31, 2018  
Deferred tax assets                
Net operating loss   $ 14,060,172     $ 7,155,358  
Non-deductible interest expense     357,021       247,938  
Debt issue costs     285,114       426,817  
Stock-based compensation expense     1,212,864       586,164  
Patent licenses     13,886       15,826  
Research and development tax credit carryforward     396,371       91,535  
Accrued expenses     371,179       12,123  
Section 195 deferred start-up costs     27,434       24,286  
Deferred tax assets   $ 16,724,041     $ 8,560,047  
                 
Deferred Tax Liabilities                
Depreciation     (16,407 )     (2,766 )
Deferred Tax Liabilities     (16,407 )     (2,766 )
                 
Deferred tax assets, net of deferred tax liabilities     16,707,634       8,557,281  
Less: valuation allowance     (16,707,634 )     (8,557,281 )
Deferred tax assets, net after valuation allowance   $ -     $ -