Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule for significant portions of deferred income tax assets

 

 

As of December 31,

 

Current deferred tax assets/(liabilities):

 

2018

 

 

2017

 

State taxes

 

$ 345

 

 

$ 336

 

Capitalized research and development costs

 

 

10,327

 

 

 

22,717

 

Other

 

 

187,377

 

 

 

295,265

 

Net operating loss

 

 

5,104,432

 

 

 

3,697,169

 

Gross deferred tax assets

 

 

5,302,481

 

 

 

4,015,487

 

Valuation allowance

 

 

(5,302,481 )

 

 

(4,015,487 )

Total deferred tax assets

 

$ -

 

 

$ -

 

Schedule of provision for income taxes on earnings subject to income taxes differs from the statutory Federal rate

 

 

As of December 31,

 

 

 

2018

 

 

2017

 

Expected income tax benefit at federal statutory tax rate

 

$ (4,030,454 )

 

$ (1,082,444 )

State income taxes, net of federal benefit

 

 

(319,816 )

 

 

(208,619 )

Change in fair value of Warrant

 

 

2,869,116

 

 

 

(268,519 )

Change in valuation allowance

 

 

1,286,995

 

 

 

(344,321 )

Stock Compensation

 

 

67,966

 

 

 

73,881

 

Other Perm Difference

 

 

127,835

 

 

 

12

 

Tax Cuts and Jobs Act

 

 

-

 

 

 

1,831,610

 

Provision for Income Taxes

 

$ 1,642

 

 

$ 1,600