Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of income tax domestic and international components |
| |
|
For the Years Ended
December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Domestic |
|
$ |
(8,635,341 |
) |
|
$ |
(18,288,861 |
) |
| International |
|
|
(2,269,144 |
) |
|
|
(7,114,681 |
) |
| |
|
$ |
(10,904,485 |
) |
|
$ |
(25,403,542 |
) |
|
| Schedule of iIncome tax benefits provision |
| |
|
For the Years Ended
December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Deferred tax benefits: |
|
|
|
|
|
|
|
|
| Domestic: |
|
|
|
|
|
|
|
|
| Federal |
|
$ |
1,289,907 |
|
|
$ |
969,769 |
|
| State |
|
|
427,689 |
|
|
|
321,576 |
|
| International |
|
|
541,614 |
|
|
|
663,972 |
|
| |
|
|
2,259,210 |
|
|
|
1,955,317 |
|
| Change in valuation allowance |
|
|
(2,238,783 |
) |
|
|
(1,945,821 |
) |
| Net income tax benefit |
|
$ |
20,427 |
|
|
$ |
9,496 |
|
|
| schedule of united states federal statutory rate |
| |
|
For the Years Ended
December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| US Federal statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
| Difference between domestic and foreign federal rates |
|
|
(0.6 |
%) |
|
|
(1.6 |
%) |
| State and provincial taxes, net of federal benefits |
|
|
6.0 |
% |
|
|
8.3 |
% |
| Permanent differences: |
|
|
|
|
|
|
|
|
| Stock-based compensation |
|
|
(0.8 |
%) |
|
|
(14.6 |
%) |
| Change in the fair value of derivatives and accrued issuable equity |
|
|
(4.6 |
%) |
|
|
(4.5 |
%) |
| Loss on extinguishment |
|
|
(1.0 |
%) |
|
|
(0.8 |
%) |
| Other |
|
|
0.7 |
% |
|
|
(0.1 |
%) |
| Change in valuation allowance |
|
|
(20.5 |
%) |
|
|
(7.7 |
%) |
| Effective income tax rate |
|
|
0.2 |
% |
|
|
0.0 |
% |
|
| Schedule of deferred tax assets and liabilities |
| |
|
As of
December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Net operating loss carryforwards |
|
$ |
6,352,809 |
|
|
$ |
4,131,288 |
|
| Organizational costs deferred for tax purposes |
|
|
3,068,651 |
|
|
|
- |
|
| Reserve for uncollectible trade and
notes receivable not currently deductible for tax purposes |
|
|
- |
|
|
|
713,367 |
|
| Accrued compensation not currently deductible |
|
|
224,931 |
|
|
|
134,620 |
|
| Other |
|
|
62,828 |
|
|
|
- |
|
| |
|
|
9,709,220 |
|
|
|
4,979,276 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Difference between book and tax basis related to: |
|
|
|
|
|
|
|
|
| Technology license |
|
|
(404,507 |
) |
|
|
(394,824 |
) |
| Acquired in-process research and development |
|
|
(3,242,750 |
) |
|
|
(3,277,935 |
) |
| Other |
|
|
(21,072 |
) |
|
|
- |
|
| |
|
|
(3,668,329 |
) |
|
|
(3,672,759 |
) |
| |
|
|
|
|
|
|
|
|
| Deferred tax assets and liabilities |
|
|
6,040,891 |
|
|
|
1,306,517 |
|
| Valuation allowance |
|
|
(9,709,220 |
) |
|
|
(4,979,276 |
) |
| Deferred tax assets and liabilities, net |
|
$ |
(3,668,329 |
) |
|
$ |
(3,672,759 |
) |
|
| Schedule of valuation deferred tax assets |
| |
|
For the Years Ended
December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Beginning of period |
|
$ |
(4,979,276 |
) |
|
$ |
(942,251 |
) |
| Allowance established in connection
with the recording of deferred tax assets acquired resulting from the |
|
|
|
|
|
|
|
|
| following transactions: |
|
|
|
|
|
|
|
|
| - Reorganization in 2019 described in Note 4 |
|
|
- |
|
|
|
(2,031,811 |
) |
| - Business combination in 2020 described in Note 5 |
|
|
(2,491,161 |
) |
|
|
- |
|
| Change in valuation pursuant to the tax provision |
|
|
(2,238,783 |
) |
|
|
(1,945,821 |
) |
| True-up to a prior year’s tax return |
|
|
- |
|
|
|
(59,393 |
) |
| End of period |
|
$ |
(9,709,220 |
) |
|
$ |
(4,979,276 |
) |
|