Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of December 31, 2019 and 2018 are summarized below.

 

    December 31,  
    2019     2018  
Start-up and organization costs   $ 10,000     $ 14,000  
Research credits     359,000       351,000  
Stock-based compensation     799,000       626,000  
Net operating loss carryforwards     4,879,000       4,395,000  
Total deferred tax assets     6,047,000       5,386,000  
Valuation allowance     (6,047,000 )     (5,386,000 )
Net deferred tax assets   $     $  

Schedule of Effective Income Tax Rate

The reconciliation below presents the difference between the income tax rate computed by applying the U.S. federal statutory rate and the effective tax rate for the years ended December 31, 2019 and 2018.

 

    Years Ended December 31,  
    2019     2018  
             
U. S. federal statutory tax rate     (21.0 )%     (21.0 )%
State income taxes, net of federal tax benefit     (6.0 )%     (6.0 )%
Expirations related to stock-based compensation     1.2 %     0.2 %
Adjustment to deferred tax asset     (0.3 )%     (1.3 )%
Change in valuation allowance     26.1 %     28.1 %
Effective tax rate     0.0 %     0.0 %