| Schedule of components of tax provision (benefit) |
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
Tax provision (benefit) |
|
|
|
|
|
|
Current |
|
|
|
|
|
|
Federal |
|
$ |
— |
|
$ |
— |
State |
|
|
(60,000) |
|
|
(60,000) |
Total current |
|
|
(60,000) |
|
|
(60,000) |
|
|
|
|
|
|
|
Deferred |
|
|
|
|
|
|
Federal |
|
|
(12,233,641) |
|
|
(7,800,350) |
State |
|
|
(2,764,638) |
|
|
(2,633,146) |
Total deferred |
|
|
(14,998,279) |
|
|
(10,433,496) |
|
|
|
|
|
|
|
Change in valuation allowance |
|
|
14,998,279 |
|
|
10,433,496 |
Total |
|
$ |
(60,000) |
|
$ |
(60,000) |
|
| Schedule of deferred tax assets and liabilities |
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
Deferred tax assets |
|
|
|
|
|
|
Federal net operating loss |
|
$ |
39,914,591 |
|
$ |
35,958,687 |
Federal research and development tax credit carryforwards |
|
|
15,868,907 |
|
|
11,484,209 |
State net operating losses and tax credit carryforwards |
|
|
7,626,490 |
|
|
6,186,679 |
Capitalized research and development expenses |
|
|
20,203,493 |
|
|
15,820,893 |
Stock-based compensation expense |
|
|
3,710,609 |
|
|
3,186,702 |
Other |
|
|
754,180 |
|
|
443,693 |
Total deferred tax assets |
|
|
88,078,270 |
|
|
73,080,863 |
|
|
|
|
|
|
|
Deferred tax liabilities |
|
|
|
|
|
|
Depreciable assets |
|
|
(156,626) |
|
|
(157,498) |
Total deferred tax liabilities |
|
|
(156,626) |
|
|
(157,498) |
|
|
|
|
|
|
|
Net deferred tax assets |
|
|
87,921,644 |
|
|
72,923,365 |
Less- valuation allowance |
|
|
(87,921,644) |
|
|
(72,923,365) |
Total deferred tax assets |
|
$ |
— |
|
$ |
— |
|