Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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:

	December 31,
	2020			2019
Federal statutory rate		21.0	%		21.0	%
State taxes		6.7	%		21.1	%
Extraordinary gain		0.0	%		38.0	%
Permanent differences		(4.5	)%		(4.1	)%
Research and development		2.3	%		4.1	%
Valuation Allowance		(27.1	)%		(74.6	)%
Other		1.6	%		(0.3	)%
Effective tax rate		0.0	%		5.2	%

Deferred Tax Assets, Net

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

	December 31,
	2020			2019
Federal net operating losses	$	19,757,859		$	16,620,765
State net operating losses		5,704,791			4,653,462
Stock options		1,687,123			2,153,487
Restricted stock/warrants		–			143,841
Federal tax credit		1,089,138			740,040
State tax credits		752,791			657,376
Amortization		41,695			47,811
Accrued expense		352,642			363,617
Depreciation		721,024			719,263
Lease liabilities		171,543			–
Other		18,098			18,098
Total gross deferred tax assets		30,296,704			26,117,760
Less valuation allowance		(30,142,744	)		(26,117,760	)
Net deferred tax assets	$	153,960		$	–

Right of use asset	(153,960	)	–
Total gross deferred tax liabilities	(153,960	)	–
Deferred tax, net	–		–