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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Taxes  
Schedule of U.S. and foreign loss before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

    

Year ended December 31,

 

 

 

2019

 

2018

 

2017

 

United States

 

$

(26,052,255)

    

$

(34,308,847)

    

$

(27,051,148)

 

Foreign

 

 

(6,891,328)

 

 

(5,602,328)

 

 

(4,961,156)

 

Total

 

$

(32,943,583)

 

$

(39,911,175)

 

$

(32,012,304)

 

 

Schedule of components of the net deferred income tax asset

 

 

 

 

 

 

 

 

 

    

December 31, 2019

    

December 31, 2018

 

Deferred tax assets:

 

 

 

 

 

 

 

Net operating loss carry forwards

 

$

27,661,926

 

$

24,399,299

 

Research and development credit carry forwards

 

 

2,666,036

 

 

2,291,226

 

Stock-based compensation

 

 

6,046,848

 

 

4,575,617

 

Other

 

 

650,018

 

 

706,745

 

Gross deferred tax assets

 

 

37,024,828

 

 

31,972,887

 

Deferred tax liabilities:

 

 

 

 

 

 

 

Property and equipment

 

 

(28,926)

 

 

(59,524)

 

Gross deferred tax liabilities

 

 

(28,926)

 

 

(59,524)

 

Less valuation allowance

 

 

(36,995,902)

 

 

(31,913,363)

 

Net deferred tax asset

 

$

 —

 

$

 —

 

 

Reconciliation of income tax expense (benefit) at the statutory federal income tax rate and income taxes

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

 

2019

 

2018

 

2017

 

Federal income tax benefit at statutory rate

    

21.0

%   

21.0

%   

34.0

%

State income tax, net of federal benefit

 

4.2

 

6.8

 

6.5

 

Foreign tax rate differential

 

0.1

 

0.3

 

 —

 

Nondeductible research and development expenses

 

(4.3)

 

(2.2)

 

(5.1)

 

Other permanent differences

 

 —

 

 —

 

(0.1)

 

Research and development credit benefit

 

1.0

 

1.4

 

1.3

 

Adjustment of prior years' income taxes

 

(6.6)

 

 —

 

 —

 

Rate change from 2017 Tax Cuts and Jobs Act

 

 —

 

0.3

 

(27.3)

 

Change in valuation allowance

 

(15.4)

 

(27.6)

 

(9.3)

 

Effective income tax rate

 

 —

%  

 —

%  

 —

%