General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.19.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Provision for income taxes
   

 

As of December 31,

    2018   2017
Current:        
Federal   $ —      $ —   
State     —        —   
Total current     —        —   
Deferred:                
Federal     (71,615 )     —   
State     —           
Total deferred     (71,615 )     —   
Full valuation allowance                
Total provision(1)   $ (71,615 )   $ —   

  

  (1) Total provision consists of U.S. Federal R&D credits, net of California minimum tax.

  

Effective income tax rate reconciliation
    %
Federal income tax     21.00 %
State income taxes, less federal benefit     0.78 %
Tax Credits     1.87 %
Permanent differences     -0.13 %
Change in valuation allowances     -20.92 %
Other     -0.43 %
Effective Tax Rate Benefit (expense)     2.17 %
Deferred tax assets and liabilities

 

    As of December 31,
    2018   2017
Deferred tax assets:                
Net operating loss carryforwards   $ 467,186     $ 186,019  
Tax credit carryforwards     107,969       30,143  
Stock compensation     138,111       58,536  
Intangible asset basis differences     1,053,518       730,647  
Gross deferred tax assets     1,766,784       1,005,345  
Valuation allowance     (1,690,811 )     (1,000,987 )
Total deferred tax assets, net of valuation allowance     75,973       4,358  
Deferred tax liabilities:                
Net deferred tax liability     —         —    
Net deferred taxes   $ 75,973     $ 4,358