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]  
Schedule of Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of December 31, 2020 and 2019 are summarized below.

 

    December 31,  
    2020     2019  
Start-up and organization costs   $ 5,000     $ 10,000  
Research credits     390,000       359,000  
Stock-based compensation     1,107,000       799,000  
Net operating loss carryforwards     5,477,000       4,879,000  
Total deferred tax assets     6,979,000       6,047,000  
Valuation allowance     (6,979,000 )     (6,047,000 )
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, 2020 and 2019.

 

   

Years Ended

December 31,

 
    2020     2019  
             
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     0.5 %     1.2 %
Adjustment to deferred tax asset     (0.8 )%     (0.3 )%
Change in valuation allowance     27.3 %     26.1 %
Effective tax rate     0.0 %     0.0 %