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Income Taxes
3 Months Ended
Mar. 31, 2020
Income Taxes  
Income Taxes

6. Income Taxes

 

The Company did not provide for any income taxes in its consolidated statement of operations and comprehensive loss for the three month periods ended March 31, 2020 or 2019.  The Company has provided a valuation allowance for the full amount of its net deferred tax assets because, at March 31, 2020 and December 31, 2019, it was more likely than not that any future benefit from deductible temporary differences and net operating loss and tax credit carryforwards would not be realized. 

 

The Company has not recorded any amounts for unrecognized tax benefits as of March 31, 2020 or December 31, 2019.  As of March 31, 2020 and December 31, 2019, the Company had no accrued interest or tax penalties recorded related to income taxes.  The Company’s income tax return reporting periods since December 31, 2015 are open to income tax audit examination by the federal and state tax authorities.  In addition, because the Company has net operating loss carryforwards, the Internal Revenue Service is permitted to audit earlier years and propose adjustments up to the amount of net operating losses generated in those years.