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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
For financial reporting purposes, income before taxes includes the following components: | For financial reporting purposes, income before taxes includes the following components:
|  | 2019 |  |  | 2018 |  |  | 2017 |
United States |  | $ | (176,144,999 | ) |  | $ | (132,617,160 | ) |  | $ | (76,925,380 | )
Total |  | $ | (176,144,999 | ) |  | $ | (132,617,160 | ) |  | $ | (76,925,380 | )
A reconciliation between taxes computed at the federal statutory rate and the consolidated effective tax rate is as follows: | A reconciliation between taxes computed at the federal statutory rate and the consolidated effective tax rate is as follows:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Federal statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 34.0 | %
State tax rate, net of federal tax benefit |  |  | 4.0 | % |  |  | 5.2 | % |  |  | 5.0 | %
Adjustment in valuation allowances |  |  | (22.5 | )% |  |  | (31.2 | )% |  |  | 22.6 | %
Excess stock benefits |  |  | 0.2 | % |  |  | 5.3 | % |  |  | — | %
Federal income tax rate change |  |  | 0 | % |  |  | — | % |  |  | (60.8 | )%
Permanent and other differences |  |  | (2.7 | )% |  |  | (0.3 | )% |  |  | (0.8 | )%
Provision (benefit) for income taxes |  |  | — |  |  |  | — |  |  |  | — |
The components of the net deferred income tax asset as of December 31, 2019, 2018, and 2017 are as follows: | The components of the net deferred income tax asset as of December 31, 2019, 2018, and 2017 are as follows:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Deferred Income Tax Assets: |  |  |  |  |  |  |  |  |  |  |  |
Net operating losses |  | $ | 180,520,709 |  |  | $ | 140,891,764 |  |  | $ | 99,596,321 |
R&D Credit |  |  | 186,347 |  |  |  | 186,347 |  |  |  | 186,347 |
Total deferred income tax asset |  |  | 180,707,056 |  |  |  | 141,078,111 |  |  |  | 99,782,668 |
Valuation allowance |  |  | (180,707,056 | ) |  |  | (141,078,111 | ) |  |  | (99,782,668 | )
Deferred income tax assets, net |  | $ | — |  |  | $ | — |  |  | $ | — |

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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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