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 Income Tax (Benefit)/Provision

The Company’s income tax (benefit)/provision is as follows:

 

    Years Ended December 31,  
    2018     2017  
Current   $ -     $ -  
Deferred     (2,941,000 )   $ (6,003,000 )
Change in Valuation Allowance     2,941,000     $ 6,003,000  
Income Tax Benefit   $ -     $ -  

Schedule of Reconciliation of Income Taxes using Statutory U.S. Income Tax Rate and Benefit from Income Taxes

The reconciliation of income taxes using the statutory U.S. income tax rate and the benefit from income taxes for the years ended December 31, 2018 and 2017 are as follows:

 

    Years Ended December 31,  
    2018     2017  
             
Statutory U.S. Federal Income Tax Rate     (21.0 )%     (35.0 )%
New Jersey State income taxes, net of U.S.                
Federal tax effect     (5.1 )%     (6.0 )%
Disallowed research and development expenditures     0.1 %     - %
True-up for prior year deferred tax assets     (0.9 )%     - %
Research and development tax credit     (0.2 )%     - %
Tax rate change     - %     122.0 %
Change in Valuation Allowance     27.1 %     (81.0 )%
Net     0.0 %     0.0 %

Schedule of Deferred Tax Assets and Related Valuation Allowances

The principal components of the deferred tax assets and related valuation allowances as of December 31, 2018 and 2017 are as follows:

 

    Years Ended December 31,  
    2018     2017  
             
Reserves and other   $ 523,000     $ 718,000  
Net operating loss carry-forwards     18,417,000       15,762,000  
Research and development tax credit     481,000       -  
Valuation Allowance     (19,421,000 )     (16,480,000 )
Net   $ -     $ -