Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes [Abstract]

Statutory to Effective Federal Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate is as follows:

	Year Ended December 31,
	2018			2017
Federal statutory rate		21.0	%		34.0	%
State taxes		0.4	%		1.1	%
Change in Statutory Rate		–			(25.6	)%
Permanent differences		(5.4	)%		(11.0	)%
Research and development		6.3	%		21.2	%
State taxes/ sale of NOL		6.4	%		4.8	%
Valuation allowance		(22.3	)%		(19.7	)%
Effective tax rate		6.4	%		4.8	%

Deferred Tax Assets

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows:

	December 31,
	2018			2017
Federal net operating losses	$	27,011,760		$	21,312,121
State net operating losses		1,929,997			2,268,249
Stock options		1,847,546			1,608,750
Federal tax credit		26,815,998			24,060,243
State tax credits		506,752			384,740
Amortization		229,065			612,878
Accrued expense		813,073			7,027
Depreciation		826,109			18,498
Other		17,993			12,501
Total gross deferred tax assets		59,998,293			50,285,007
Less valuation allowance		(59,998,293	)		(50,285,007	)
Net deferred tax assets	$	–		$	–