| Schedule of components of tax provision (benefit) |
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
|
|
|
|
|
|
Tax provision (benefit) |
|
|
|
|
|
|
Current |
|
|
|
|
|
|
Federal |
|
$ |
— |
|
$ |
— |
State |
|
|
(60,000) |
|
|
— |
Total current |
|
|
(60,000) |
|
|
— |
|
|
|
|
|
|
|
Deferred |
|
|
|
|
|
|
Federal |
|
|
(7,800,350) |
|
|
(7,102,248) |
State |
|
|
(2,633,146) |
|
|
(1,071,157) |
Total deferred |
|
|
(10,433,496) |
|
|
(8,173,405) |
|
|
|
|
|
|
|
Change in valuation allowance |
|
|
10,433,496 |
|
|
8,173,405 |
Total |
|
$ |
(60,000) |
|
$ |
— |
|
| Schedule of deferred tax assets and liabilities |
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|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
|
|
|
|
|
|
Deferred tax assets |
|
|
|
|
|
|
Federal net operating loss |
|
$ |
35,958,687 |
|
$ |
32,696,266 |
Federal research and development tax credit carryforwards |
|
|
11,484,209 |
|
|
9,599,756 |
State net operating losses and tax credit carryforwards |
|
|
6,186,679 |
|
|
5,305,170 |
Capitalized research and development expenses |
|
|
15,820,893 |
|
|
12,089,171 |
Stock-based compensation expense |
|
|
3,186,702 |
|
|
2,627,881 |
Other |
|
|
443,693 |
|
|
231,586 |
Total deferred tax assets |
|
|
73,080,863 |
|
|
62,549,830 |
|
|
|
|
|
|
|
Deferred tax liabilities |
|
|
|
|
|
|
Depreciable assets |
|
|
(157,498) |
|
|
(59,961) |
Total deferred tax liabilities |
|
|
(157,498) |
|
|
(59,961) |
|
|
|
|
|
|
|
Net deferred tax assets |
|
|
72,923,365 |
|
|
62,489,869 |
Less- valuation allowance |
|
|
(72,923,365) |
|
|
(62,489,869) |
Total deferred tax assets |
|
$ |
— |
|
$ |
— |
|