Annual report pursuant to Section 13 and 15(d)

6. Income Taxes (Tables)

v3.21.1
6. Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Provision for income taxes
    As of December 31,
    2020   2019
Current:        
Federal   $ —       $ —    
State     —         —    
  Foreign     18,361       —    
Total current:     18,361       —    
Deferred:                
  Federal     —         —    
  State     —         —    
  Foreign     —         —    
Total deferred:     —         —    
Total provision*   $ 18,361     $ —    

 

*Total provision of foreign taxes is recorded in general and administrative expenses on the Company’s consolidated statements of operations and comprehensive loss.
Effective income tax rate reconciliation
    %
Federal income tax     21.00  
State income taxes, less federal benefit     21.18  
Tax credits     2.73  
Permanent differences     (1.56 )
Change in valuation allowances     (42.20 )
Other     (1.45 )
Effective tax rate benefit (expense)     (0.30 )
Deferred tax assets and liabilities
    As of December 31,
    2020   2019
Deferred tax assets:                
Net operating loss carryforwards   $ 1,951,673     $ 741,547  
Tax credits carryforwards     228,922       80,162  
Stock-based compensation     611,903       308,171  
Intangible asset basis differences     2,427,668       1,438,051  
Gross deferred tax assets     5,220,166       2,567,931  
Valuation allowance     (5,220,166 )     (2,567,931 )
Net deferred tax assets   $ —       $ —