Annual report pursuant to Section 13 and 15(d)

Income Taxes

v3.19.3.a.u2
Income Taxes
12 Months Ended
Dec. 31, 2019
Income Taxes [Abstract]  
Income Taxes

13. Income Taxes

No provision for federal and state income taxes was required for the years ended December 31, 2019 and 2018 due to the Company’s operating losses and increased deferred tax asset valuation allowance.  At December 31, 2019 and 2018, the Company had unused net operating loss carry-forwards of approximately $156,586,000 and $147,086,000 respectively, portions of which expire at various dates beginning in 2021.  Some of this amount may be subject to annual limitations under certain provisions of the Internal Revenue Code related to “changes in ownership.” 

As of December 31, 2019 and 2018, the deferred tax assets related to the aforementioned carry-forwards have been fully offset by valuation allowances, because significant utilization of such amounts is not presently expected in the foreseeable future. 

Deferred tax assets and valuation allowances consist of:





 

 

 

 

 



 

 

 

 

 



 

December 31,

December 31,



 

2019

2018



 

 

 

 

 

Net Operating Loss Carryforwards

 

$

43,844,000 

$

41,184,000 

Stock Compensation Expense

 

 

1,191,000 

 

1,608,000 

Book Tax Differences on Assets and Liabilities

 

 

464,000 

 

195,000 

Valuation Allowance

 

 

(45,499,000)

 

(42,987,000)



 

 

 

 

 

Net Deferred Tax Assets

 

$

 -

$

 -

 

The Company files income tax returns in the U.S. federal and Maryland state jurisdictions.  Tax years for fiscal 2016 through 2019 are open and potentially subject to examination by the federal and Maryland state taxing authorities.