Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
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, 2019 and 2018 are as follows:

 

    2019     2018  
Current   $     $  
Deferred     3,873,976       2,492,392  
Valuation Allowance     (3,873,976 )     (2,492,392 )
Total provision for income taxes   $     $  

Summary of Components of Deferred Tax

At December 31, 2019 and 2018, 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:

 

    2019     2018  
Deferred tax assets (liabilities):                
Net operating loss carryforward   $ 29,424,801     $ 25,628,753  
Accrued vacation     35,933       30,051  
Non-qualified stock compensation     638,413       566,367  
Restricted stock     (808 )     (808 )
Total deferred tax assets, net     30,098,339       26,224,363  
Less valuation allowance     (30,098,339 )     (26,224,363 )
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, 2019 and 2018:

 

    2019     2018  
Income tax benefit computed at statutory federal rate
   of 21% and 21%, respectively
  $ (3,268,861 )   $ (2,081,970 )
State income tax benefits, net of federal expense (benefit)     (676,343 )     (430,770 )
Change in valuation allowance     3,873,976       2,492,392  
Non-deductible expenses     3,065       121,487  
Other     68,163       (101,139 )
Total   $     $  

Schedule of Reconciliation of 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, 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  
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