Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of components of deferred tax assets and liabilities
  2018     2017  
Deferred tax assets:            
Net operating losses carry forward   $ 34,531,577     $ 30,826,534  
Share-based compensation     2,950,963       3,731,413  
Research and development/orphan drug credits     8,896,703       6,324,998  
Others     15,285       11,369  
Less: valuation allowance     (46,394,528 )     (40,894,314 )
                 
Deferred tax assets, net   $ -     $ -  
Schedule of difference between income tax provision and U.S federal statutory rate
    For the year ended  
    December 31,
2018
    December 31,
2017
    December 31,
2016
 
                                     
Federal statutory income taxes   $ (4,967,332 )     (21.0 )%   $ (9,044,420 )     (34.0 )%   $ (8,269,386 )     (34.0 )%
State income taxes     1,413,678       6.0 %     (1,940,945 )     (7.3 )%     973,547       4.0 %
Change in federal statutory rate     -       - %     17,939,714       67.4 %     -       - %
Deferred true-up     -       - %     3,090,816       11.8 %     (10,511,380 )     (43.3 )%
Research and Development/Orphan Drug Tax Credit     (1,986,609 )     (8.4 )%     (3,029,074 )     (11.4 )%     (141,769 )     (0.6 )%
Unrealized derivative gain/loss     -       - %     (120,870 )     (0.5 )%     (956,840 )     (3.9 )%
Other     40,049       0.2 %     12,845       0.0 %     13,632       0.1 %
Change in valuation allowance     5,500,214       23.2 %     (6,908,066 )     (26.0 )%     18,892,196       77.7 %
                                                 
Provision for income tax   $ -       -     $ -       -     $ -       -