General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.21.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of deferred tax assets for federal income taxes
 

December 31,

   

2020

 

2019

Deferred tax assets

 

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

29,316,923

 

 

$

25,485,398

 

Fixed assets

 

 

814,111

 

 

 

809,015

 

Accruals and other

 

 

247,802

 

 

 

568,119

 

Research & development credits

 

 

448,334

 

 

 

267,325

 

Share-based compensation

 

 

24,036

 

 

 

13,661

 

Valuation allowance

 

 

(30,851,206

)

 

 

(27,143,518

)

Net deferred tax assets

 

$

 

 

$

 

Schedule of net operating loss carryforwards (“NOL”) for federal and state income tax
 

December 31,

   

2020

 

2019

Combined NOL Carryforwards:

 

 

   

 

 

Federal

 

$

117,684,551

 

$

103,460,873

State

 

$

68,800,720

 

$

54,408,623

Schedule of net operating loss carryforwards
 

December 31,

   

2020

 

2019

Combined Credit Carryforwards:

 

 

   

 

 

Federal

 

$

259,521

 

$

147,597

State

 

$

239,004

 

$

151,555

Schedule of reconciliation of income tax
 

December 31,

   

2020

 

2019

Rate reconciliation:

   

 

   

 

Federal tax benefit at statutory rate

 

(21.0

)%

 

(21.0

)%

State tax, net of federal benefit

 

(4.3

)%

 

(5.2

)%

Permanent differences

 

3.9

%

 

2.4

%

Research & development credits

 

(1.2

)%

 

(1.1

)%

Foreign rate differential

 

(0.6

)%

 

(0.5

)%

Other difference

 

(0.6

)%

 

%

Change in valuation allowance

 

23.8

%

 

25.4

%

Tax provision

 

%

 

%