Schedule of Components of Income Tax Expense (Benefit) |
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2021 |
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2020 |
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|
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|
|
|
|
Tax provision (benefit) |
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|
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Current |
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|
|
|
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Federal |
|
$ |
— |
|
$ |
— |
State |
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|
— |
|
|
— |
Total current |
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— |
|
|
— |
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|
|
|
|
|
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Deferred |
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|
|
|
|
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Federal |
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|
(7,102,248) |
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|
(3,481,764) |
State |
|
|
(1,071,157) |
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|
(1,416,877) |
Total deferred |
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|
(8,173,405) |
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|
(4,898,641) |
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|
|
|
|
|
|
Change in valuation allowance |
|
|
8,173,405 |
|
|
4,898,641 |
Total |
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$ |
— |
|
$ |
— |
|
Schedule of Deferred Tax Assets and Liabilities |
Deferred tax assets consisted of the following as of December 31:
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2021 |
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2020 |
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|
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Deferred tax assets |
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|
|
|
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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 |
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5,305,170 |
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4,393,526 |
Capitalized research and development expenses |
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|
12,089,171 |
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|
9,911,446 |
Stock-based compensation expense |
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|
2,627,881 |
|
|
2,459,336 |
Depreciable assets |
|
|
— |
|
|
— |
Other |
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|
231,586 |
|
|
419,597 |
Total deferred tax assets |
|
|
62,549,830 |
|
|
54,427,169 |
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|
|
|
|
|
|
Deferred tax liabilities |
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|
|
|
|
|
Depreciable assets |
|
|
(59,961) |
|
|
(110,705) |
Total deferred tax liabilities |
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|
(59,961) |
|
|
(110,705) |
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|
|
|
|
|
|
Net deferred tax assets |
|
|
62,489,869 |
|
|
54,316,463 |
Less- valuation allowance |
|
|
(62,489,869) |
|
|
(5,416,463) |
Total deferred tax assets |
|
$ |
— |
|
$ |
— |
|