Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Provision for income taxes

 

 

As of December 31,

 

 

 

2022

 

 

2021

 

Current:

 

 

 

 

 

 

Federal

 

$ -

 

 

$ -

 

State

 

 

-

 

 

 

-

 

Foreign

 

 

-

 

 

 

-

 

Total current:

 

 

-

 

 

 

-

 

Deferred:

 

 

 

 

 

 

 

 

Federal

 

 

-

 

 

 

-

 

State

 

 

-

 

 

 

-

 

Foreign

 

 

-

 

 

 

-

 

Total deferred:

 

 

-

 

 

 

-

 

Total provision*

 

$ -

 

 

$ -

 

Effective income tax rate reconciliation

 

 

As of December 31,

 

 

 

2022

 

 

2021

 

Federal income tax

 

 

21.00

 

 

 

21.00

 

State income taxes, less federal benefit

 

 

6.39

 

 

 

7.12

 

Tax credits

 

 

5.57

 

 

 

2.03

 

Permanent differences

 

 

(2.45)

 

 

 

(1.97

Change in valuation allowances

 

 

(32.58

 

 

(27.47

Other

 

 

2.06

 

 

 

0.71

 

Effective tax rate benefit (expense)

 

 

(0.01

 

 

0.00

 

Deferred tax assets and liabilities

 

 

As of December 31,

 

 

 

2022

 

 

2021

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$ 3,548,494

 

 

$ 3,484,229

 

Tax credits carryforwards

 

 

1,254,678

 

 

 

382,648

 

Stock-based compensation

 

 

630,113

 

 

 

700,208

 

Intangible asset basis differences

 

 

3,824,482

 

 

 

3,153,199

 

Accrued liabilities & allowances

 

 

96,478

 

 

 

-

 

Capitalized research and development

 

 

1,787,350

 

 

 

-

 

Gross deferred tax assets

 

 

11,141,595

 

 

 

7,720,284

 

Valuation allowance

 

 

(11,141,595 )

 

 

(7,720,284 )

Net deferred tax assets

 

$

 

 

$

 

Schedule Of Unrecognized Tax Benefits Roll Forward

 

 

 2022

 

 

 2021

 

Beginning uncertain tax benefits

 

$ 103,104

 

 

$ 63,262

 

Current year - increases

 

 

150,701

 

 

 

46,092

 

Prior year - increases (decreases)

 

 

67,370

 

 

 

(6,250 )

Ending uncertain tax benefits

 

$ 321,175

 

 

$ 103,104