General form of registration statement for all companies including face-amount certificate companies

INCOME TAXES (Tables)

v3.19.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

 

    December 31,  
    2018     2017  
Deferred Tax Assets:                
Tax benefit of net operating loss carry-forward   $ 6,465,826     $ 4,006,517  
Depreciation and amortization     (5,102 )     (8,332 )
Accrued liabilities     261,876       220,681  
Stock based compensation           507,545  
Interest Expense     740,285        
R&D Credit     393,165        
Total deferred tax assets     7,856,050       4,726,411  
Valuation allowance for deferred tax assets     (7,856,050 )     (4,726,411 )
Deferred tax assets, net of valuation allowance   $     $  
Summary of Valuation Allowance

The change in the Company’s valuation allowance is as follows:

 

    Years Ended December 31,  
    2018     2017  
             
Beginning of the year   $ 4,726,411     $ 3,848,878  
Change in valuation account     3,129,639       877,533  
End of the year   $ 7,856,050     $ 4,726,411  
Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes with the amounts computed by applying the Federal income tax rate to income from operations before the provision for income taxes is as follows:

 

    Years Ended December 31,  
    2018     2017  
             
U.S. federal statutory rate     (21.0 )%     (35.0 )%
State taxes, net of federal benefit     (6.9 )%     (5.8 )%
Share-based compensation     %     17.5 %
Effect of U.S. tax law change     %     (13.2 )%
Change in valuation allowance     25.8 %     30.2 %
                 
Nondeductible expenses     2.0 %     6.3 %
R&D credit     (3.2 )%     %
Stock Options     3.3 %     %
Effective income tax rate     %     %