Annual report pursuant to Section 13 and 15(d)

Income Taxes (Table)

v3.23.1
Income Taxes (Table)
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

 

$

 

 

$