Post-effective amendment to a registration statement that is not immediately effective upon filing

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
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,
 
    
2022
   
2021
 
Tax at statutory rate
     21.00 %      21.00 % 
State income taxes
     6.17 %      4.89 % 
Stock-based compensation
     —         (0.13 )% 
Other
     0.03 %      0.02 % 
Change in valuation allowance
     (27.20 )%      (25.78 )% 
    
 
 
   
 
 
 
Effective tax rate
     0.00 %      0.00 % 
    
 
 
   
 
 
 
Components of Deferred Tax Assets and Liabilities
The significant components of the Company’s deferred tax assets consist of the following at December 31, 2022 and 2021:
 
    
December 31,
 
    
2022
    
2021
 
Deferred tax assets:
                 
Net operating loss carryforwards
   $ 6,890,275      $ 5,202,047  
Capitalized research and development
     2,854,530        —    
Stock-based compensation
     2,440,885        2,272,970  
Accrued expenses
     199,961        —    
    
 
 
    
 
 
 
Total deferred tax assets
     12,385,651        7,475,017  
Deferred tax asset valuation allowance
     (12,385,651 )       (7,475,017 ) 
    
 
 
    
 
 
 
Net deferred tax asset
   $ —        $ —