Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Reconciliation of Federal Statutory Income Tax Rate and Effective Income Tax Rate

A reconciliation of the federal statutory income tax rate and the effective income tax rate is as follows for the years ended December 31, 2019 and 2018:

	December 31,
	2019			2018
	(%)			(%)
Federal statutory rate		21			21
Change in valuation allowance		(4	)		(1	)
State income taxes, net of federal effect		7		—
Warrant liability FMV adjustment	—				1
Research and development credits		3			4
Removal of net operating losses and other credits		(27	)		(22	)
Impact of state tax rate change		4		—
Stock compensation and other permanent items		(4	)		(3	)
Effective income tax rate	—			—

Summary of Significant Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets at December 31, 2019 and 2018 are as follows:

	December 31,
	2019			2018
Deferred tax assets:
Acquired technology	$	80,000		$	81,000
Stock compensation expense		846,000			574,000
Lease liability		39,000		—
Accruals and other		237,000			244,000
Total deferred tax assets	$	1,202,000		$	899,000
Deferred tax liabilities:
Right of use asset		(39,000	)	—
Total deferred tax liabilities		(39,000	)	—
Less valuation allowance		(1,163,000	)		(899,000	)
Net deferred tax assets (liabilities)	—			—