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
   $ —        $ —