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Income Taxes (Tables)

12 Months Ended

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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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

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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