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v3.20.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Taxes |
Reconciliation of income tax benefit computed at the statutory federal income tax rate to income taxes as reflected in the financial statements |
|  | Year Ended |
|  | December 31, |
|  | 2020 |  | 2019 |
Federal income tax benefit at statutory rate |  | 21.0 | % | 21.0 | %
State and local tax, net of federal benefit |  | 7.6 | % | 8.0 | %
Permanent differences |  | (0.8) | % | 0.4 | %
Research and development credit |  | 1.9 | % | — | %
Change in valuation allowance |  | (29.7) | % | (29.4) | %
Effective income tax rate |  | 0.0 | % | 0.0 | %
Schedule of significant components of deferred tax assets |
|  | As of December 31,
|  | 2020 |  | 2019
Net operating loss carryforwards |  | $ | 2,460,773 |  | $ | 1,430,716
Stock compensation |  |  | 547,628 |  |  | 37,708
Convertible debt |  |  | — |  |  | 24,049
Research and development tax credit carryforwards |  |  | 241,414 |  |  | 137,826
Total deferred tax assets |  |  | 3,249,815 |  |  | 1,630,299
Less valuation allowance |  |  | (3,249,815) |  |  | (1,630,299)
Net deferred taxes |  | $ | — |  | $ | —

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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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