Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
INCOME TAXES  
Schedule of Components of Income Tax Expense (Benefit)

    

2021

    

2020

Tax provision (benefit)

 

  

 

  

Current

 

  

 

  

Federal

$

$

State

 

 

Total current

 

 

Deferred

 

  

 

  

Federal

 

(7,102,248)

 

(3,481,764)

State

 

(1,071,157)

 

(1,416,877)

Total deferred

 

(8,173,405)

 

(4,898,641)

Change in valuation allowance

 

8,173,405

 

4,898,641

Total

$

$

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets consisted of the following as of December 31:

    

2021

    

2020

Deferred tax assets

 

  

 

  

Federal net operating loss

$

32,696,266

$

30,179,562

Federal research and development tax credit carryforwards

 

9,599,756

 

7,063,702

State net operating losses and tax credit carryforwards

 

5,305,170

 

4,393,526

Capitalized research and development expenses

 

12,089,171

 

9,911,446

Stock-based compensation expense

 

2,627,881

 

2,459,336

Depreciable assets

 

 

Other

 

231,586

 

419,597

Total deferred tax assets

 

62,549,830

 

54,427,169

Deferred tax liabilities

 

  

 

  

Depreciable assets

 

(59,961)

 

(110,705)

Total deferred tax liabilities

 

(59,961)

 

(110,705)

Net deferred tax assets

 

62,489,869

 

54,316,463

Less- valuation allowance

 

(62,489,869)

 

(5,416,463)

Total deferred tax assets

$

$

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations is as follows:

Year ended December 31, 

 

    

2021

    

2020

 

Income tax benefit using U.S. federal statutory rate

 

(21.00)

%  

(21.00)

%

State income taxes

 

(3.51)

%  

(7.42)

%

Permanent nondeductible items

 

0.01

%  

0.00

%

Federal tax credits

 

(10.51)

%  

(6.13)

%

Change in valuation allowance

 

33.88

%  

34.81

%

Other

 

1.13

%  

(10.26)

%

Total

 

0.00

%  

0.00

%