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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Taxes |
Schedule of provision for income taxes | The provision for income taxes consists of the following expenses (benefits):
|  | For the Years Ended
|  | December 31,
|  | 2019 |  | 2018
Deferred tax provision (benefit): |  |  |  |  |  |
Federal |  | $ | (4,999,920) |  | $ | (3,516,722)
State and local |  |  | 68,762 |  |  | (47,238)
|  |  | (4,931,158) |  |  | (3,563,960)
Change in valuation allowance |  |  | 4,931,158 |  |  | 3,563,960
Provision for income taxes |  | $ | — |  | $ | —
Schedule of effective income tax rate reconciliation | The provision for income taxes differs from the United States Federal statutory rate as follows:
|  | For the Years Ended |
|  | December 31, |
|  | 2019 |  | 2018 |
Federal statutory rate |  | 21.0 | % | 21.0 | %
State tax rate, net of federal benefit |  | 0.1 | % | 0.3 | %
Permanent differences |  | (0.2) | % | (0.8) | %
Research & development tax credits |  | 3.0 | % | 2.8 | %
Prior period adjustments and other |  | (0.6) | % | (2.6) | %
Change in valuation allowance |  | (23.3) | % | (20.7) | %
Effective income tax rate |  | 0.0 | % | 0.0 | %
Schedule of deferred tax assets | Deferred tax assets consist of the following:
|  | As of December 31,
|  | 2019 |  | 2018
Net operating loss carryforwards |  | $ | 9,479,512 |  | $ | 5,453,854
Stock-based compensation expense |  |  | 943,370 |  |  | 616,207
Property and equipment |  |  | (14,030) |  |  | 2,486
Intangibles |  |  | 328,773 |  |  | 310,230
Research and development tax credits |  |  | 1,584,753 |  |  | 1,008,443
Deferred tax assets |  |  | 12,322,378 |  |  | 7,391,220
Valuation allowance |  |  | (12,322,378) |  |  | (7,391,220)
Deferred tax assets, net |  | $ | — |  | $ | —

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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