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 |
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|