Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of the Provision for Income Taxes |
The components of the provision for income taxes for the years ended December 31, 2018 and 2017 are as follows:
|
|
|
2018
|
|
|
2017
|
|
|
Current
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Deferred
|
|
|
2,492,392
|
|
|
|
(10,055,163
|
)
|
|
Valuation Allowance
|
|
|
(2,492,392
|
)
|
|
|
10,055,163
|
|
|
Total provision for income taxes
|
|
$
|
—
|
|
|
$
|
—
|
|
|
| Components of Deferred Tax |
At December 31, 2018 and 2017, 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:
|
|
|
2018
|
|
|
2017
|
|
|
Deferred tax assets (liabilities):
|
|
|
|
|
|
|
|
|
|
Net operating loss carryforward
|
|
$
|
25,628,753
|
|
|
$
|
23,343,153
|
|
|
Accrued vacation
|
|
|
30,051
|
|
|
|
26,286
|
|
|
Non-qualified stock compensation
|
|
|
566,367
|
|
|
|
334,655
|
|
|
Restricted stock
|
|
|
(808
|
)
|
|
|
27,877
|
|
|
Total deferred tax assets, net
|
|
|
26,224,363
|
|
|
|
23,731,971
|
|
|
Less valuation allowance
|
|
|
(26,224,363
|
)
|
|
|
(23,731,971
|
)
|
|
Total net deferred taxes
|
|
$
|
—
|
|
|
$
|
—
|
|
|
| Reconciliation of Tax Computed at the 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, 2018 and 2017:
|
|
|
2018
|
|
|
2017
|
|
|
Income tax benefit computed at statutory federal rate
of 21% and 34%, respectively
|
|
$
|
(2,081,970
|
)
|
|
$
|
(2,288,791
|
)
|
|
State income tax benefits, net of federal expense/benefit
|
|
|
(430,770
|
)
|
|
|
(244,362
|
)
|
|
Change in valuation allowance
|
|
|
2,492,392
|
|
|
|
(10,055,163
|
)
|
|
Effect of new tax rate
|
|
|
—
|
|
|
|
12,461,939
|
|
|
Non-deductible expenses
|
|
|
121,487
|
|
|
|
126,377
|
|
|
Other
|
|
|
(101,139
|
)
|
|
|
—
|
|
|
Total
|
|
$
|
—
|
|
|
$
|
—
|
|
|
| Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|
Balance as of December 31, 2016
|
|
$
|
1,875,337
|
|
|
Additions based on tax positions related to the current
year
|
|
|
140,313
|
|
|
Additions for the tax positions of prior years
|
|
|
—
|
|
|
Reductions for the tax positions of prior years
|
|
|
—
|
|
|
Balance as of December 31, 2017
|
|
$
|
2,015,650
|
|
|
Additions based on tax positions related to the current
year
|
|
|
233,944
|
|
|
Additions for the tax positions of prior years
|
|
|
—
|
|
|
Reductions for the tax positions of prior years
|
|
|
—
|
|
|
Balance as of December 31, 2018
|
|
$
|
2,249,594
|
|
|