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 Tax Disclosure [Abstract]  
Components of Deferred Tax Assets and Liabilities
The principal components of the Company’s deferred tax assets and liabilities are as follows:
 
    
December 31,
 
    
2020
    
2019
 
Deferred tax assets:
                 
Net operating loss carryovers
   $ 65,989,759      $ 56,646,542  
Share-based compensation
     2,265,006        1,770,295  
R&D tax credits
     3,833,265        3,149,249  
Accrued compensation and severance
     587,183        454,128  
Lease liability
     1,012,743        1,101,248  
Intangible assets
     98,915        110,178  
    
 
 
    
 
 
 
Total deferred tax assets
   $ 73,786,871      $ 63,231,640  
Valuation allowance
     (72,803,194      (62,136,614
    
 
 
    
 
 
 
Total deferred tax assets net of valuation allowance
   $ 983,677      $ 1,095,026  
Deferred tax liabilities:
                 
Right-of-use
asset
     (832,477      (909,271
Depreciation
     (151,200      (185,755
    
 
 
    
 
 
 
Total deferred tax liabilities
   $ (983,677    $ (1,095,026
    
 
 
    
 
 
 
Net deferred tax asset (liability)
   $ —        $ —    
    
 
 
    
 
 
 
Summary of Reconciliation of Statutory U.S. Federal Rate to Company's Effective Tax Rate
A reconciliation of the statutory U.S. Federal rate to the company’s effective tax rate is as follows:
 
    
Year Ended December 31,
 
    
2020
   
2019
   
2018
 
Federal income tax benefit at s
t
atutory rate
     (21.00 )%      (21.00 )%      (21.00 )% 
State income tax, net of federal benefit
     (9.09     (15.09     (5.64
Permanent items including change in fair value of warrants
     (5.35     (21.87     4.80  
Change in valuation allowance
     37.88       62.56       23.95  
R&D tax
 
credits
     (2.43     (4.72     (2.11
Other
     (0.01     0.12       —    
    
 
 
   
 
 
   
 
 
 
Effective income tax (benefit) expense rate
     0     0     0