Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of reconciliation of federal income tax rate to effective tax rate

 

Year Ended

 

December 31, 

     

2022

     

2021

  

U.S. federal statutory income tax rate

21.00

%  

21.00

%

Permanent differences

 

(0.57)

%  

(0.33)

%

State taxes, net of federal benefit

 

4.83

%  

4.47

%

Deferred tax true-ups

%  

(1.82)

%

Other adjustments

0.06

%  

0.15

%

Change in valuation allowance

 

(25.32)

%  

(23.47)

%

Effective Income Tax rate

 

%  

%

Schedule of net deferred tax assets

 

As of December 31, 

    

2022

    

2021

Deferred tax assets:

Net operating loss carryforwards

$

5,692,533

$

4,586,488

Capitalized research and development expenditures

1,873,211

Stock compensation

 

1,411,624

 

1,338,234

Investment in partnership

30,771

30,593

Amortization

15,223

16,299

Gross deferred tax assets

 

9,023,362

 

5,971,614

Valuation allowance

 

(8,682,497)

 

(5,581,599)

Net deferred tax assets

340,865

390,015

Deferred tax liabilities:

Prepaid expenses

(340,865)

(390,015)

Deferred tax liabilities

(340,865)

(390,015)

Net deferred taxes

$

$