Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Provision for Income Taxes |
The components of the provision for income
taxes for the years ended December 31, 2020 and 2019 are as follows:
| |
|
2020 |
|
|
2019 |
|
| Current |
|
$ |
— |
|
|
$ |
— |
|
| Deferred |
|
|
6,482,623 |
|
|
|
3,873,976 |
|
| Valuation Allowance |
|
|
(6,482,623 |
) |
|
|
(3,873,976 |
) |
| Total provision for income taxes |
|
$ |
— |
|
|
$ |
— |
|
|
| Summary of Components of Deferred Tax |
At December 31, 2020 and 2019, the Company
had temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective
income tax bases, as measured by enacted state and federal tax rates, as follows:
| |
|
2020 |
|
|
2019 |
|
| Deferred tax assets (liabilities): |
|
|
|
|
|
|
|
|
| Net operating loss carryforward |
|
$ |
35,740,882 |
|
|
$ |
29,424,801 |
|
| Accrued vacation |
|
|
41,361 |
|
|
|
35,933 |
|
| Non-qualified stock compensation |
|
|
798,719 |
|
|
|
638,413 |
|
| Restricted stock |
|
|
- |
|
|
|
(808 |
) |
| Total deferred tax assets, net |
|
|
36,580,962 |
|
|
|
30,098,339 |
|
| Less valuation allowance |
|
|
(36,580,962 |
) |
|
|
(30,098,339 |
) |
| Total net deferred taxes |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Reconciliation of Tax Computed at Statutory Federal Rate |
The following is a reconciliation of tax computed
at the statutory federal rate to the income tax benefit in the statements of operations for the years ended December 31, 2020 and
2019:
| |
|
2020 |
|
|
2019 |
|
| Income tax benefit computed at statutory federal rate of 21% and 21%, respectively |
|
$ |
(5,550,447 |
) |
|
$ |
(3,268,861 |
) |
| State income tax benefits, net of federal expense/benefit |
|
|
(1,148,414 |
) |
|
|
(676,343 |
) |
| Change in valuation allowance |
|
|
6,482,623 |
|
|
|
3,873,976 |
|
| Non-deductible expenses |
|
|
740 |
|
|
|
3,065 |
|
| Other |
|
|
215,498 |
|
|
|
68,163 |
|
| Total |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending
amount of unrecognized tax benefits is as follows:
| Balance as of December 31, 2018 |
|
$ |
2,249,594 |
|
| Additions based on tax positions related to the current year |
|
|
503,944 |
|
| Additions for return-to-provision true-up |
|
|
51,183 |
|
| Reductions for the tax positions of prior years |
|
|
— |
|
| Balance as of December 31, 2019 |
|
$ |
2,804,721 |
|
| Additions based on tax positions related to the current year |
|
|
1,129,848 |
|
| Additions for return-to-provision true-up |
|
|
108,136 |
|
| Reductions for the tax positions of prior years |
|
|
— |
|
| Balance as of December 31, 2020 |
|
$ |
4,042,705 |
|
|