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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Taxes |
Schedule of Components of Income Tax Expense (Benefit) | The Company’s tax expense differs from the “expected” tax expense for the years ended December 31, 2020 and 2019. For 2020, the “expected” tax expense is computed by applying the Federal corporate statutory tax rate of 21% and a net, after Federal benefit state tax rate of 6.45% (state blended rate was 27.45%) to loss before taxes. For 2019, the “expected” tax expense is computed by applying the Federal corporate statutory tax rate of 21% and a net, after Federal benefit state tax rate of 4.74% (state blended rate was 24.74.%) to loss before taxes. These results are as follows (in thousands):
|  | 2020 |  | 2019
Computed “expected” tax-benefit – Federal |  | $ | (2,124) |  | $ | (3,230)
Computed “expected” tax-benefit – State |  |  | (616) |  |  | (729)
Non-deductible stock-based compensation |  |  | 32 |  |  | 864
State tax rate adjustment |  |  | (1,221) |  |  | —
Change in valuation allowance |  |  | 3,929 |  |  | 3,095
|  | $ | — |  | $ | —
Schedule of Deferred Tax Assets and Liabilities | The effects of temporary differences that gave rise to significant portions of deferred tax assets at December 31, 2020 and 2019 are as follows (in thousands):
|  | 2020 |  | 2019
Deferred tax assets: |  |  |  |  |  |
Stock issued for services |  | $ | 1,428 |  | $ | 1,223
Accrued compensation |  |  | 42 |  |  | 20
Stock issued for acquisition of program |  |  | 1,436 |  |  | 1,301
Stock issued for license agreement |  |  | 1,574 |  |  | 1,574
Stock issued for milestone payment |  |  | 262 |  |  | 255
Amortizable license fee |  |  | 5 |  |  | 5
Net operating loss carry-forward |  |  | 12,540 |  |  | 8,494
Total gross deferred tax assets |  |  | 17,287 |  |  | 12,872
Less: valuation allowance |  |  | (17,287) |  |  | (12,872)
Total net deferred tax assets |  | $ | — |  | $ | —

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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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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