Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities
    Years Ended December 31,  
    2020     2019  
Deferred Tax Assets:            
Tax benefit of net operating loss carry-forward   $ 14,064,563     $ 11,828,268  
Depreciation and amortization    
-
       27,949  
Accrued liabilities     327,749       360,204  
Stock based compensation     1,252,855       34,493  
Deferred rent     15,778      
-
  
R&D Credit     1,054,989       851,413  
Total deferred tax assets     16,715,934       13,102,327  
                 
Deferred Tax Liability:                
Depreciation     (36,897 )    
-
  
Amortization     (9,670 )    
-
  
Deferred rent     (14,344 )    
-
  
Total deferred tax liability     (60,911 )    
-
  
Total net deferred tax liability     16,655,023       13,102,327  
Valuation allowance for deferred tax assets     (16,655,023 )     (13,102,327 )
Deferred tax assets, net of valuation allowance   $
-
     $
-
  

 
Summary of Valuation Allowance
    Years Ended December 31,  
    2020     2019  
Beginning of the year   $ 13,102,327     $ 7,856,050  
Change in valuation account     3,552,696       5,246,277  
End of the year   $ 16,655,023     $ 13,102,327  

 
Schedule of Effective Income Tax Rate Reconciliation
    Years Ended December 31,  
    2020     2019  
U.S. federal statutory rate     (21.0 )%     (21.0 )%
Federal true ups     1.8 %     0.8 %
State taxes, net of federal benefit     (6.2 )%     (6.2 )%
Change in valuation allowance     26.4 %     27.1 %
                 
Nondeductible expenses     0.5 %     0.5 %
R&D credit     (1.5 )%     (2.4 )%
                 
Foreign rate differential    
-
 %     (0.2 )%
China liquidation    
-
 %     1.4 %
Effective income tax rate    
-
 %    
-
 %