General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.22.4
Income Taxes (Tables)
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
   $ —        $ —