| Schedule of Components of Net Deferred Tax Asset |
Significant components of the Company’s
net deferred tax asset are as follows:
| |
|
December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| NOL carryforward |
|
$ |
26,945,090 |
|
|
$ |
22,273,661 |
|
| Foreign net operating loss carryforward |
|
|
10,875,395 |
|
|
|
3,616,502 |
|
| Tax credits |
|
|
5,844,918 |
|
|
|
2,793,247 |
|
| Stock based compensation |
|
|
5,373,539 |
|
|
|
3,381,969 |
|
| Accrued expenses |
|
|
1,120,196 |
|
|
|
660,427 |
|
| Other temporary differences |
|
|
962,981 |
|
|
|
186,069 |
|
| Subtotal |
|
|
51,122,119 |
|
|
|
32,911,875 |
|
| Valuation allowance |
|
|
(51,122,119 |
) |
|
|
(32,911,875 |
) |
| Net deferred tax asset |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
Income tax benefits computed using
the federal statutory income tax rate differs from the Company’s effective tax rate primarily due to the following:
| |
|
December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Tax provision at statutory rate |
|
|
21.00 |
% |
|
|
21.00 |
% |
| State taxes, net of federal benefit |
|
|
5.25 |
% |
|
|
5.42 |
% |
| Permanent differences |
|
|
-2.76 |
% |
|
|
-2.00 |
% |
| Foreign expected tax |
|
|
21.76 |
% |
|
|
9.85 |
% |
| Tax credits |
|
|
8.82 |
% |
|
|
4.31 |
% |
| Income tax rate change |
|
|
0.07 |
% |
|
|
— |
% |
| Other |
|
|
0.45 |
% |
|
|
1.14 |
% |
| Increase in valuation reserve |
|
|
-54.59 |
% |
|
|
-39.72 |
% |
| Total |
|
|
0.00 |
% |
|
|
0.00 |
% |
|