Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of components of loss before income taxes
The components of loss before income taxes are as follows:
Year Ended December 31,
2023 2022
Domestic $ (9,384,178) $ (10,563,302)
Foreign (3,039,399) (3,133,318)
Total Loss Before Income Taxes $ (12,423,577) $ (13,696,620)
Schedule of components of income tax expense
The components of income tax expense (benefit) are as follows:
Year Ended December 31,
2023 2022
Deferred Taxes:
Federal $ (280,954) $ 4,954 
State 371,273  (117,964)
Total Deferred Taxes $ 90,319  $ (113,010)
Income Tax Expense (Benefit) $ 90,319  $ (113,010)
Schedule of effective income tax rate reconciliation
The difference between the effective rate reflected in the provision for income taxes and the amounts determined by applying the applicable statutory U.S. tax rate are analyzed below:
Year Ended December 31,
2023 2022
United States Federal Income Tax Rate 21.00  % 21.00  %
State Taxes, Net of Federal Benefit 13.26  (2.59)
Non-deductible R&D Expenses (3.49) — 
Contingent Consideration (3.36) — 
GILTI Inclusion (1.12) — 
Other Permanent Differences (0.65) (9.24)
Change in Valuation Allowance (27.61) (9.53)
Research and Development Credits 0.24  0.58 
Tax Rate Differential 0.32  2.89 
True Up Credit (0.08) — 
Other 0.76  (0.26)
Effective Tax Rate Expense (0.73) % 2.85  %
Schedule of deferred tax assets and liabilities
The Company’s deferred tax assets and liabilities consist of the following:
Year Ended December 31,
2023 2022
Net Deferred Tax Liability:
Net Operating Loss Carryforwards $ 25,982,646  $ 22,809,667 
Research and Development Credit Carryforwards 2,955,627  2,925,890 
Capitalized Research and Development 4,743,068  4,606,902 
Stock-Based Compensation 784,366  782,355 
Cash Versus Accrual Adjustments 77,729  336,360 
Total Deferred Tax Assets 34,543,436  31,461,174 
Valuation Allowance (33,025,829) (29,593,286)
Net Deferred Tax Asset 1,517,607  1,867,888 
Depreciation and Amortization —  (477)
In-Process Research and Development (2,297,047) (2,556,532)
Net Deferred Tax Liability $ (779,440) $ (689,121)