Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Taxes  
Schedule of components of loss before income taxes

 

 

 

 

 

 

 

 

    

Year Ended December 31, 

 

    

2020

    

2019

Domestic

 

$

(7,996,327)

 

$

(7,523,695)

Foreign

 

 

(83,558)

 

 

522,395

Total Loss Before Income Taxes

 

$

(8,079,885)

 

$

(7,001,300)

 

Schedule of components of income tax expense

 

 

 

 

 

 

 

 

    

Year Ended December 31, 

 

    

2020

    

2019

Deferred Taxes:

 

 

  

 

 

  

Federal

 

$

(529)

 

$

(4,182)

State

 

 

12,584

 

 

99,578

Total Deferred Taxes

 

$

12,055

 

$

95,396

Income Tax Expense

 

$

12,055

 

$

95,396

 

Schedule of effective income tax rate reconciliation

 

 

 

 

 

 

 

    

Year Ended December 31, 

 

 

    

2020

    

2019

 

United States Federal Income Tax Rate

 

21.00

%  

21.00

%

State Taxes, Net of Federal Benefit

 

(1.59)

 

13.82

 

Permanent Differences

 

(15.00)

 

(4.18)

 

Change in Valuation Allowance

 

17.53

 

(37.40)

 

Research and Development Credits

 

1.65

 

6.53

 

Tax Rate Differential

 

(2.12)

 

(1.15)

 

Stock-Based Compensation

 

(1.32)

 

0.45

 

Gain on Dissolution of Foreign Subsidiary

 

(15.81)

 

 —

 

Other

 

(4.49)

 

(0.43)

 

Effective Tax Rate Expense

 

(0.15)

%  

(1.36)

%

 

Schedule of deferred tax assets and liabilities

 

 

 

 

 

 

 

 

    

Year Ended December 31, 

 

    

2020

    

2019

Net Deferred Tax Liability:

 

 

 

 

 

 

Net Operating Loss Carryforwards

 

$

17,042,422

 

$

15,230,646

Research and Development Credit Carryforwards

 

 

2,695,773

 

 

2,594,055

Capitalized Research and Development

 

 

6,251,945

 

 

6,521,705

Stock-Based Compensation

 

 

781,252

 

 

814,438

Depreciation and Amortization

 

 

 —

 

 

170

Cash Versus Accrual Adjustments

 

 

223,674

 

 

1,738,482

Total Deferred Tax Assets

 

 

26,995,066

 

 

26,899,496

Valuation Allowance

 

 

(25,320,159)

 

 

(26,278,147)

Net Deferred Tax Asset

 

 

1,674,907

 

 

621,349

Depreciation and Amortization

 

 

(1,083)

 

 

 —

In-Process Research and Development

 

 

(2,402,750)

 

 

(986,713)

Net Deferred Tax Liability

 

$

(728,926)

 

$

(365,364)