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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

INCOME TAXES

Schedule of Components of Income Tax Expense (Benefit)

		2020			2019
Tax provision (benefit)
Current
Federal		$	—		$	—
State			—			—
Total current			—			—
Deferred
Federal			(3,481,6764)			(2,141,153)
State			(1,416,877)			(6,146,506)
Total deferred			(4,898,641)			(8,287,659)
Change in valuation allowance			4,898,641			8,287,659
Total		$	—		$	—

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets consisted of the following at December 31:

		2020			2019
Deferred tax assets
Federal net operating loss		$	30,179,562		$	28,261,717
Federal research and development tax credit carryforwards			7,063,702			6,137,842
State net operating losses and tax credit carryforwards			4,393,526			3,590,961
Capitalized research and development expenses			9,911,446			8,955,425
Stock-based compensation expense			2,459,336			2,333,551
Depreciable assets			—			—
Other			419,597			292,259
Total deferred tax assets			54,427,169			49,571,755
Deferred tax liabilities
Depreciable assets			(110,705)			(153,928)
Total deferred tax liabilities			(110,705)			(153,928)
Net deferred tax assets			54,316,463			49,417,827
Less- valuation allowance			(54,316,463)			(49,417,827)
Total deferred tax assets		$	—		$	—

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations is as follows:

		Year ended December 31,
		2020		2019
Income tax benefit using U.S. federal statutory rate		(21.00)	%	(21.00)	%
State income taxes		(7.42)	%	(34.46)	%
Permanent items		0.00	%	0.01	%
Federal tax credits		(6.13)	%	(5.21)	%
Change in valuation allowance		34.81	%	58.81	%
Other		(0.26)	%	1.85	%
Total		0.00	%	0.00	%

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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.

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-Name Accounting Standards Codification
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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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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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