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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes

The significant components of loss before income taxes are as follows:

	Years Ended December 31,
	2018				2017
U.S. operations	$	(6,622,695	)		$	(2,096,939	)
Foreign operations	(75,218		)		(105,574		)
Total loss before provision for income taxes	$	(6,697,913	)		$	(2,202,513	)

Schedule of Components Of Income Tax (benefit)

The significant components of our (benefit) provision for income tax for the years ended December 31, 2018 and 2017 are as follows:

	Years Ended December 31,
	2018				2017
Current and deferred tax (benefit) expense
Federal	$	(1,001,233	)		$	(66,694	)
State	—				—
Foreign	—				—
	$	(1,001,233	)		$	(66,694	)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the statutory tax rate and the Company’s actual effective tax rate is as follows:

	Years Ended December 31,
	2018			2017
Tax at U.S. statutory rate	(21.00	)%		(34.00	)%
State taxes, net of federal benefit	(4.25	)		(3.45	)
Non-deductible items	0.44			1.73
Change in valuation allowance	10.25			12.97
True-up adjustment	(0.17	)		7.10
Foreign operations	(0.28	)		0.66
Change in tax rates	—			19.40
AMT adjustment	0.06			—
Effective income tax rate	(14.95	)%		4.41	%

Schedule of Components of Deferred Tax Assets

The significant components of the Company’s net deferred income tax assets are as follows:

	December 31,
	2018				2017
Gain/Loss on disposals	$	—			$	(5,900	)
Stock option expense	242,700				154,300
NOL carryforward	2,668,000				1,088,000
AMT credit carryforward	—				1,005,300
Research and development credits	1,656,500				1,656,500
Other	11,200				(6,500		)
Deferred tax asset, net of deferred tax liabilities	4,578,400				3,891,700
Valuation allowance	(4,578,400		)		(3,891,700		)
Net deferred tax asset	$	—			$	—

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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