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Income Taxes (Tables)

12 Months Ended

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

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-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

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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

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