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 reconciliation of income taxes

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

Benefit at U.S. federal statutory rate

 

$ (15,907,195 )

 

$ (10,138,657 )

State taxes - deferred

 

 

(3,797,393 )

 

 

(2,010,517 )

Increase in valuation allowance

 

 

19,535,265

 

 

 

11,790,031

 

Research and development credits

 

 

(246,989 )

 

 

(115,086 )

Other

 

 

416,312

 

 

 

474,229

 

Benefit for income taxes

 

$ -

 

 

$ -

 

Schedule of deferred tax asset

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

Federal and state net operating loss carryforwards

 

$ 59,114,928

 

 

$ 42,496,374

 

Federal and state research credits

 

 

921,577

 

 

 

630,516

 

Interest expense limitation carryforwards

 

 

2,911,508

 

 

 

-

 

Transaction costs

 

 

1,080,041

 

 

 

1,174,733

 

Deferred revenue

 

 

563,956

 

 

 

603,535

 

Accrued expenses and other

 

 

2,397,513

 

 

 

2,433,142

 

Total gross deferred tax assets

 

 

66,989,523

 

 

 

47,338,300

 

Less: valuation allowance for deferred tax assets

 

 

(66,989,523 )

 

 

(47,338,300 )

Net deferred tax assets

 

$ -

 

 

$ -