Schedule of components of loss before income taxes |
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2021 |
|
2020 |
Domestic |
|
$ |
(13,376,230) |
|
$ |
(7,996,327) |
Foreign |
|
|
(3,323,470) |
|
|
(83,558) |
Total Loss Before Income Taxes |
|
$ |
(16,699,700) |
|
$ |
(8,079,885) |
|
Schedule of components of income tax expense |
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2021 |
|
2020 |
Deferred Taxes: |
|
|
|
|
|
|
Federal |
|
$ |
(190,937) |
|
$ |
(529) |
State |
|
|
(113,843) |
|
|
12,584 |
Total Deferred Taxes |
|
$ |
(304,780) |
|
$ |
12,055 |
Income Tax (Benefit) Expense |
|
$ |
(304,780) |
|
$ |
12,055 |
|
Schedule of deferred tax assets and liabilities |
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2021 |
|
2020 |
Net Deferred Tax Liability: |
|
|
|
|
|
|
Net Operating Loss Carryforwards |
|
$ |
20,689,134 |
|
$ |
17,042,422 |
Research and Development Credit Carryforwards |
|
|
2,853,598 |
|
|
2,695,773 |
Capitalized Research and Development |
|
|
5,640,428 |
|
|
6,251,945 |
Stock-Based Compensation |
|
|
835,432 |
|
|
781,252 |
Cash Versus Accrual Adjustments |
|
|
128,188 |
|
|
223,674 |
Total Deferred Tax Assets |
|
|
30,146,780 |
|
|
26,995,066 |
Valuation Allowance |
|
|
(28,628,836) |
|
|
(25,320,159) |
Net Deferred Tax Asset |
|
|
1,517,944 |
|
|
1,674,907 |
Depreciation and Amortization |
|
|
(955) |
|
|
(1,083) |
In-Process Research and Development |
|
|
(2,131,425) |
|
|
(2,402,750) |
Net Deferred Tax Liability |
|
$ |
(614,436) |
|
$ |
(728,926) |
|