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:
Schedule of Components of Provision for Income Taxes
|
|
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:
Summary of Components of Deferred Tax
|
|
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:
Schedule of Reconciliation of Tax Computed at Statutory Federal Rate
|
|
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:
Schedule of Reconciliation of Unrecognized Tax Benefits
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 |
|
|