Annual report pursuant to Section 13 and 15(d)

Income Taxes (Table)

v3.22.1
Income Taxes (Table)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Effective Income Tax Rate

The reconciliation of the U.S. federal statutory rate to the Company’s effective tax rate is as follows:

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Tax at statutory rate

 

 

21.00

%

 

 

21.00

%

State income taxes

 

 

4.89

%

 

 

5.00

%

Stock-based compensation

 

 

(0.13

)%

 

 

—

 

Other

 

 

0.02

%

 

 

(0.03

)%

Change in valuation allowance

 

 

(25.78

)%

 

 

(25.97

)%

Effective tax rate

 

 

0.00

%

 

 

0.00

%
Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax asset consist of the following at December 31, 2021 and 2020:

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

5,202,047

 

 

$

1,826,692

 

Stock-based compensation

 

 

2,272,970

 

 

 

1,836,905

 

Total deferred tax assets

 

 

7,475,017

 

 

 

3,663,597

 

Deferred tax asset valuation allowance

 

 

(7,475,017

)

 

 

(3,663,597

)

Net deferred tax asset

 

$

—

 

 

$

—