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 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, 2022 and 2021 are as follows:

 

    2022     2021  
Current   $ -     $ -  
Deferred     3,714,988       870,941  
Valuation Allowance     (3,714,988 )     (870,941 )
Total provision for income taxes   $ -     $ -  
Summary of Components of Deferred Tax

At December 31, 2022 and 2021, 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:

 

    2022     2021  
Deferred tax assets (liabilities):                
Net operating loss carryforward   $ 37,713,107     $ 36,340,873  
Accrued vacation    

8,751

      19,454  
Non-qualified stock compensation    

1,119,642

      1,091,576  
Research & Development     2,325,391       -  
Total deferred tax assets, net     41,166,891       37,451,903  
Less valuation allowance     (41,166,891 )     (37,451,903 )
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, 2022 and 2021:

 

    2022     2021  
Income tax benefit computed at statutory federal rate of 21% and 21%, respectively   $ (3,000,564 )   $ (3,299,439 )
State income tax benefits, net of federal expense/benefit    

(785,862

)     (682,670 )
Change in valuation allowance    

3,714,988

      870,941  
Non-deductible expenses    

612

      2,821,537  
Other    

70,826

    289,631  
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, 2020   $ 4,042,705  
Additions based on tax positions related to the current year     509,320  
Additions for return-to-provision true-up     (524,845)  
Balance as of December 31, 2021   $ 4,027,180  
Additions based on tax positions related to the current year     940,106  
Reductions for the tax positions of prior years     (115,396 )
Expired Tax Credits due to 10-year life     (17,043 )
Balance as of December 31, 2022   $ 4,834,847