Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.21.1
Income Tax (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax  
Schedule of components of income tax expense (benefit) attributable to continuing operations

 

 

 

 

 

 

 

 

    

2020

    

2019

Current Expense:

 

 

 

 

 

 

Federal

 

$

 

$

State

 

 

 —

 

 

 —

Foreign

 

 

 —

 

 

 —

 

 

 

 —

 

 

 —

Deferred Expense:

 

 

  

 

 

  

Federal

 

$

 —

 

$

45,178

State

 

 

 —

 

 

 —

Foreign

 

 

 —

 

 

 —

Total

 

$

 —

 

$

45,178

 

Schedule of income tax rate reconciliation

 

 

 

 

 

 

 

 

    

2020

    

2019

Federal income tax expense at statutory rate:

 

$

(5,540,000)

 

$

(4,271,000)

Increase (reduction) in income tax resulting from:

 

 

  

 

 

  

State Income Taxes

 

 

(433,000)

 

 

(581,000)

Foreign Rate Differential

 

 

5,000

 

 

(9,000)

Nondeductible Expenses

 

 

210,000

 

 

15,000

Research & Development Credit

 

 

(682,000)

 

 

(772,000)

Stock Based Compensation

 

 

113,000

 

 

132,000

Excess Executive Compensation

 

 

248,000

 

 

295,000

Payout of Contingent Consideration

 

 

421,000

 

 

 —

Goodwill Impairment

 

 

 —

 

 

155,000

Reserve for Loss Carryforwards Limited by Sec. 382

 

 

8,000

 

 

8,000

Other

 

 

(41,000)

 

 

74,178

Increase in Valuation Allowance

 

 

5,691,000

 

 

4,999,000

 

 

$

 —

 

$

45,178

 

Schedule of deferred tax assets and liabilities

 

 

 

 

 

 

 

 

    

2020

    

2019

Deferred tax assets:

 

 

 

 

 

 

Net Operating Losses

 

$

26,496,651

 

$

22,278,013

R&D Credits

 

 

4,572,049

 

 

3,829,550

Stock Compensation

 

 

1,931,784

 

 

878,094

Contingent Consideration

 

 

668,994

 

 

854,129

Lease Liability

 

 

(99,761)

 

 

9,950

Other Accrued Expenses

 

 

 —

 

 

20,797

 

 

 

 

 

 

 

Deferred tax assets

 

 

33,569,717

 

 

27,870,533

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

  

 

 

  

Intangible Assets

 

 

(1,347,399)

 

 

(1,347,399)

Property, plant and equipment, primarily due to differences in depreciation

 

 

(69,882)

 

 

(91,764)

Other Accrued Expenses

 

 

(29,781)

 

 

 —

 

 

 

 

 

 

 

Deferred tax liabilities

 

 

(1,447,062)

 

 

(1,439,163)

 

 

 

 

 

 

 

Valuation allowance

 

 

(32,484,566)

 

 

(26,793,281)

 

 

 

 

 

 

 

Net deferred tax (liabilities)

 

$

(361,911)

 

$

(361,911)