| SCHEDULE OF COMPONENTS OF NET DEFERRED TAX ASSET |
Significant
components of the Company’s net deferred tax asset are as follows:
SCHEDULE OF COMPONENTS OF NET DEFERRED TAX ASSET
| |
|
2020 |
|
|
2019 |
|
| |
|
December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| NOL carryforward |
|
$ |
45,360,175 |
|
|
$ |
26,945,090 |
|
| Foreign net operating loss carryforward |
|
|
10,532,490 |
|
|
|
10,875,395 |
|
| Tax credits |
|
|
8,843,792 |
|
|
|
5,844,918 |
|
| Stock based compensation |
|
|
7,354,531 |
|
|
|
5,373,539 |
|
| Accrued expenses |
|
|
1,202,538 |
|
|
|
1,120,196 |
|
| Other temporary differences |
|
|
1,152,853 |
|
|
|
962,981 |
|
| Subtotal |
|
|
74,446,379 |
|
|
|
51,122,119 |
|
| Valuation allowance |
|
|
(74,446,379 |
) |
|
|
(51,122,119 |
) |
| 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:
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION
| |
|
2020 |
|
|
2019 |
|
| |
|
December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Tax provision at statutory rate |
|
|
21.00 |
% |
|
|
21.00 |
% |
| State taxes, net of federal benefit |
|
|
5.83 |
% |
|
|
5.25 |
% |
| Permanent differences |
|
|
-1.35 |
% |
|
|
-2.76 |
% |
| Foreign expected tax |
|
|
7.37 |
% |
|
|
21.76 |
% |
| Tax credits |
|
|
4.03 |
% |
|
|
8.82 |
% |
| Income tax rate change |
|
|
0.02 |
% |
|
|
0.07 |
% |
| Other |
|
|
-8.12 |
% |
|
|
0.45 |
% |
| Decrease in valuation reserve |
|
|
-28.78 |
% |
|
|
-54.59 |
% |
| Total |
|
|
0.00 |
% |
|
|
0.00 |
% |
|