Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019			2018
Federal statutory rate		21.0	%		21.0	%
State taxes		21.1	%		5.4	%
Extraordinary Gain		38.0	%		–
Permanent differences		(4.1	)%		(1.8	)%
Research and development		4.1	%		0.2	%
Valuation allowance		(74.6	)%		(24.8	)%
Other		(0.3	)%		–
Effective tax rate		5.2	%		–

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,
	2019			2018
Federal net operating losses	$	16,620,765		$	5,147,280
State net operating losses		4,653,462			–
Stock options		2,153,487			–
Warrants		143,841			–
Federal tax credit		740,040			–
State tax credits		657,376			–
Amortization		47,811			2,238
Accrued expense		363,617			–
Depreciation		719,263			438
In-process R&D		–			98,427
Other		18,098			–
Total gross deferred tax assets		26,117,760			5,248,383
Less valuation allowance		(26,117,760	)		(5,248,383	)
Net deferred tax assets	$	–		$	–