Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Taxes  
Schedule of Components of Income Tax Expense (Benefit)

The Company’s tax expense differs from the “expected” tax expense for the years ended December 31, 2020 and 2019. For 2020, the “expected” tax expense is computed by applying the Federal corporate statutory tax rate of 21% and a net, after Federal benefit state tax rate of 6.45% (state blended rate was 27.45%) to loss before taxes. For 2019, the “expected” tax expense is computed by applying the Federal corporate statutory tax rate of 21% and a net, after Federal benefit state tax rate of 4.74% (state blended rate was 24.74.%) to loss before taxes. These results are as follows (in thousands):

 

 

 

 

 

 

 

 

    

2020

    

2019

Computed “expected” tax-benefit – Federal

 

$

(2,124)

 

$

(3,230)

Computed “expected” tax-benefit – State

 

 

(616)

 

 

(729)

Non-deductible stock-based compensation

 

 

32

 

 

864

State tax rate adjustment

 

 

(1,221)

 

 

 —

Change in valuation allowance

 

 

3,929

 

 

3,095

 

 

$

 —

 

$

 —

 

Schedule of Deferred Tax Assets and Liabilities

The effects of temporary differences that gave rise to significant portions of deferred tax assets at December 31, 2020 and 2019 are as follows (in thousands):

 

 

 

 

 

 

 

 

 

    

2020

    

2019

Deferred tax assets:

 

 

  

 

 

  

Stock issued for services

 

$

1,428

 

$

1,223

Accrued compensation

 

 

42

 

 

20

Stock issued for acquisition of program

 

 

1,436

 

 

1,301

Stock issued for license agreement

 

 

1,574

 

 

1,574

Stock issued for milestone payment

 

 

262

 

 

255

Amortizable license fee

 

 

 5

 

 

 5

Net operating loss carry-forward

 

 

12,540

 

 

8,494

Total gross deferred tax assets

 

 

17,287

 

 

12,872

Less: valuation allowance

 

 

(17,287)

 

 

(12,872)

Total net deferred tax assets

 

$

 —

 

$

 —