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