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INCOME TAXES | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 11 – INCOME TAXES For financial reporting purposes, (loss) income before taxes includes the following components:
|  | 2020 |  |  | 2019 |  |  | 2018 |
United States |  | $ | (183,524,137 | ) |  | $ | (176,144,999 | ) |  | $ | (132,617,160 | )
Total |  | $ | (183,524,137 | ) |  | $ | (177,144,999 | ) |  | $ | (132,617,160 | )
For the years ended December 31, 2020, 2019, and 2018, there was no provision for income taxes, current or deferred. At December 31, 2020, we had a federal net operating loss carry forward of approximately $761,701,546 available to offset future taxable income through 2038. Approximately $338,775,332 of the federal net operating loss carry forward can be carried forward for 20 years and will begin to expire in 2031. The remaining $422,926,214 can be carried forward indefinitely. A reconciliation between taxes computed at the federal statutory rate and the consolidated effective tax rate is as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Federal statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State tax rate, net of federal tax benefit |  |  | 5.1 | % |  |  | 4.0 | % |  |  | 5.2 | %
Adjustment in valuation allowances |  |  | (27.0 | )% |  |  | (22.5 | )% |  |  | (31.2 | )%
Excess stock benefits |  |  | 0.1 | % |  |  | 0.2 | % |  |  | 5.3 | %
Federal income tax rate change |  |  | 0 | % |  |  | 0 | % |  |  | - | % |
Permanent and other differences |  |  | 0.8 | % |  |  | (2.7 | )% |  |  | (0.3 | )%
Provision (benefit) for income taxes |  |  | — |  |  |  | — |  |  |  | — |
Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The components of the net deferred income tax asset as of December 31, 2020, 2019, and 2018 are as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Deferred Income Tax Assets: |  |  |  |  |  |  |  |  |  |  |  |
Net operating losses |  | $ | 195,008,131 |  |  | $ | 157,555,975 |  |  | $ | 126,419,113 |
Share based compensation |  |  | 17,251,900 |  |  |  | 13,913,568 |  |  |  | 11,640,464 |
Interest expense limitation |  |  | 12,991,716 |  |  |  | 5,389,129 |  |  |  | 1,173,614 |
Other, net |  |  | 4,818,935 |  |  |  | 3,662,037 |  |  |  | 1,658,573 |
R&D credit |  |  | 186,347 |  |  |  | 186,347 |  |  |  | 186,347 |
Total deferred income tax asset |  |  | 230,257,029 |  |  |  | 180,707,056 |  |  |  | 141,078,111 |
Valuation allowance |  |  | (230,257,029 | ) |  |  | (180,707,056 | ) |  |  | (141,078,111 | )
Deferred income tax assets, net |  | $ | — |  |  | $ | — |  |  | $ | — |
We believe that it is more likely than not that we will not generate sufficient future taxable income to realize the tax benefits related to the deferred tax assets on our balance sheet and as such, a valuation allowance has been established against the deferred tax assets for the period ended December 31, 2020. The change in valuation allowance was $49,549,973, $39,628,945, and $41,295,443 for the years ended December 31, 2020, 2019, and 2018, respectively. Unrecognized Tax Benefits As of December 31, 2020 and 2019, we have no unrecognized tax benefits.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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