INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and deferred tax liabilities are as follows:



	December 31,
	2019			2018
Tax loss and contribution carryforwards	$	9,857,000		$	4,336,800
Tax credits	723,800			224,900
Share-based compensation	2,805,700			2,377,400
Intangible assets	1,716,300			1,677,600
Accrued expenses	122,500			151,800
Legal fees	111,800			—
Other	60,100			4,500
Valuation allowance	(15,397,200		)	(8,773,000		)
Total deferred tax assets, noncurrent	$	—		$	—

Schedule of Effective Income Tax Rate Reconciliation

The reasons for the difference between actual income tax expense (benefit) for the years ended December 31, 2019 and 2018, and the amount computed by applying the statutory federal income tax rate to losses before income tax (benefit) are as follows:



	2019					2018
	Amount			% of Pretax Earnings		Amount			% of Pretax Earnings
Income tax benefit at statutory rate	$	(5,680,200	)	21.0	%	$	(5,074,100	)	21.0	%
State income taxes, net of federal tax benefit	(534,200		)	2.0	%	(477,200		)	2.0	%
Non-deductible expenses	89,100			(0.3	)%	333,600			(1.4	)%
Credits	(540,200		)	2.0	%	(224,900		)	0.9	%
Change in state tax rate	—			—	%	(82,300		)	0.3	%
Other	41,300			(0.2	)%	603,900			(2.5	)%
Change in valuation allowance	6,624,200			(24.5	)%	4,921,000			(20.3	)%
Income tax benefit	$	—		—	%	$	—		—	%