Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes  
Schedule of components of loss before income taxes

    

Year Ended December 31, 

    

2021

    

2020

Domestic

$

(10,639,818)

$

(6,766,157)

Foreign

 

(3,323,470)

 

(83,558)

Total Loss Before Income Taxes

$

(13,963,288)

$

(6,849,715)

Schedule of components of income tax expense

    

Year Ended December 31, 

    

2021

    

2020

Deferred Taxes:

  

 

  

Federal

$

(24,086)

$

(529)

State

 

(168,517)

 

12,584

Total Deferred Taxes

$

(192,603)

$

12,055

Income Tax (Benefit) Expense

$

(192,603)

$

12,055

Schedule of effective income tax rate reconciliation

    

Year Ended December 31, 

 

    

2021

    

2020

 

United States Federal Income Tax Rate

21.00

%  

21.00

%

State Taxes, Net of Federal Benefit

3.35

 

(1.59)

Permanent Differences

0.72

 

(15.00)

Goodwill Impairment

(6.07)

Change in Valuation Allowance

(21.33)

 

17.53

Research and Development Credits

1.09

 

1.65

Tax Rate Differential

1.00

 

(2.12)

State Non-Income Based Tax

0.01

0.01

Stock-Based Compensation

(1.32)

Gain on Dissolution of Foreign Subsidiary

 

(15.81)

Other

1.61

 

(4.50)

Effective Tax Rate Expense

1.38

%  

(0.15)

%

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

 

(28,298,339)

 

(25,320,159)

Net Deferred Tax Asset

 

1,848,441

 

1,674,907

Depreciation and Amortization

(956)

(1,083)

In-Process Research and Development

 

(2,649,616)

 

(2,402,750)

Net Deferred Tax Liability

$

(802,131)

$

(728,926)