Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision (Benefit)

The following summarizes the Company’s income tax provision (benefit):

 

   

For the Years Ended

December 31,

 
    2019     2018  
Federal:                
Current   $ -     $ -  
Deferred     (1,449,778 )     (1,710,997 )
                 
State and local:                
Current     -       -  
Deferred     (483,259 )     (570,332 )
      (1,933,037 )     (2,281,329 )
Change in valuation allowance     1,933,037       2,281,329  
Income tax provision (benefit)   $ -     $ -  

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the U.S. statutory federal income tax rate and the Company’s effective tax rate for the year’s ended December 31, 2019 and 2018 is as follows:

 

   

For the Years Ended

December 31,

 
    2019     2018  
Tax benefit at federal statutory rate     (21.0 )%     (21.0 )%
State taxes, net of federal benefit     (7.0 )%     (7.0 )%
Permanent differences     0.5 %     11.4 %
True up adjustments     2.1 %     (0.9 )%
Change in valuation allowance     25.4 %     17.5 %
Effective income tax rate     0.0 %     0.0 %

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets at December 31, 2019 and 2018 are as follows:

 

    December 31,  
    2019     2018  
Deferred tax assets:                
Net operating loss carryforwards   $ 7,329,760     $ 5,298,599  
Research and development credit carryforwards     185,680       185,680  
Intangible assets     309,865       152,109  
Operating lease liability     239,857       -  
Property and equipment     -       30,957  
Stock-based compensation     329,136       526,945  
Deferred rent     -       6,292  
Impairment loss     136,612       136,612  
Total gross deferred tax assets     8,530,910       6,337,194  
 Deferred tax liabilities                
Operating lease asset     (231,391 )     -  
Property and equipment     (29,289 )     -  
Total net deferred tax assets     8,270,230       6,337,194  
Less: valuation allowance     (8,270,230 )     (6,337,194 )
Total   $ -     $ -