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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Reconciliation of Income Tax Provision Computed at Statutory Rates

A reconciliation of the income tax provision computed at statutory rates to the reported income tax provision for the years ended December 31, 2019 and 2018 is as follows:

	Year ended December 31,
	2019			2018
Statutory rate	21.0%			21.0%
State tax expected (recovery), net of federal benefit	6.7%			2.6%
Nondeductible expenses	(0.13)%			(2.9)%
Loss incurred as pass-through	—%			(7.9)%
Change in valuation allowance for deferred tax assets	(27.6)%			(12.8)%
Provision for income taxes	(0.04)%			—%

Components of Deferred Income Tax Assets and Liabilities

The net change in the valuation allowance was an increase of $12.4 million.

The significant components of the Company’s deferred income tax assets and liabilities after applying enacted corporate tax rates are as follows:

	Year ended December 31,
	2019				2018
Deferred tax assets
Net operating loss carryforwards	$	18,883,686			$	7,578,570
Accrued expenses		796,849				735,910
Intangibles		355,288				290,098
Inventory		78,206				66,935
Deferred rent		—				65,574
Charitable contributions		19,028				10,602
R&D credit		394,981				—
Lease liabilities		518,480				—
Stock compensation		750,449				—
Deferred tax assets		21,796,967				8,747,689
Less valuation allowance		(21,171,967	)			(8,722,389	)
Total deferred tax assets		625,000				25,300
Fixed assets		(15,222	)			(25,300	)
Prepaid expenses		(220,673	)			—
Right of use asset		(389,105	)			—
Total deferred tax liabilities		(625,000	)			(25,300	)
Deferred tax assets, net	$	—			$	—

Components of Loss Before Provision For Income Taxes Domestic and Foreign

Domestic and foreign components of loss before provision for income taxes is as follows:

	December 31, 2019				December 31, 2018
Domestic	$	(43,661,897	)		$	(55,268,310	)
Foreign		(1,468,287	)			(494,714	)
Total	$	(45,130,184	)		$	(55,763,024	)

Schedule of Income Tax Provision From Continuing Operations

The income tax provision from continuing operations contains the following components:

	December 31, 2019				December 31, 2018
Federal	$	—			$	—
State	$	7,712			$	2,431
Foreign	$	9,987			$	—
Total current		17,699				2,431
Total deferred		—				—
Total income tax expense/(benefit)	$	17,699			$	2,431

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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
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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
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-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
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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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