Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes for the years ended December 31, 2021 and 2020 are as follows:

 

    2021     2020  
Current   $     $  
Deferred     870,941       6,482,623  
Valuation Allowance     (870,941 )     (6,482,623 )
Total provision for income taxes   $     $  
Summary of Components of Deferred Tax

At December 31, 2021 and 2020, the Company had temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective income tax bases, as measured by enacted state and federal tax rates, as follows:

 

    2021     2020  
Deferred tax assets (liabilities):                
Net operating loss carryforward   $ 36,340,873     $ 35,740,882  
Accrued vacation     19,454       41,361  
Non-qualified stock compensation     1,091,576       798,719  
Restricted stock     -       -  
Total deferred tax assets, net     37,451,903       36,580,962  
Less valuation allowance     (37,451,903 )     (36,580,962 )
Total net deferred taxes   $     $  
Schedule of Reconciliation of Tax Computed at Statutory Federal Rate

The following is a reconciliation of tax computed at the statutory federal rate to the income tax benefit in the statements of operations for the years ended December 31, 2021 and 2020:

 

    2021     2020  
Income tax benefit computed at statutory federal rate
of 21% and 21%, respectively
  $ (3,299,439 )   $ (5,550,447 )
State income tax benefits, net of federal expense/benefit     (682,670 )     (1,148,414 )
Change in valuation allowance     870,941       6,482,623  
Non-deductible expenses     2,821,537       740  
Other     289,631       215,498  
Total   $     $  
Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

 

Balance as of December 31, 2019   $ 2,804,721  
Additions based on tax positions related to the current
year
    1,129,848  
Additions for return-to-provision true-up     108,136  
Balance as of December 31, 2020   $ 4,042,705  
Additions based on tax positions related to the current
year
    509,320  
Reductions for the tax positions of prior years     (524,845 )
Balance as of December 31, 2021   $ 4,027,180