Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes  
Net Deferred Tax Assets

 

 

December 31,

2021

 

 

December 31,

2020

 

Net Deferred Tax Asset

 

$

 

 

$

 

Excess of tax over book depreciation and amortization

 

 

(8,330 )

 

 

(966 )

ROU Asset

 

 

(28,657 )

 

 

(69,407 )

Lease Liability

 

 

47,301

 

 

 

73,407

 

Accrued expenses

 

 

1,199

 

 

 

1,154

 

Unrealized Gain/Loss

 

 

103,106

 

 

 

-

 

Stock-based compensation

 

 

186,252

 

 

 

21,533

 

Net Operating Losses carry-forward

 

 

24,390,040

 

 

 

24,011,113

 

Research and development tax credits

 

 

606,729

 

 

 

390,666

 

Gross deferred tax assets

 

 

25,297,640

 

 

 

24,427,500

 

Valuation allowance

 

 

(25,297,640 )

 

 

(24,427,500 )

Net deferred tax asset

 

 

-

 

 

 

-

 

Change in Valuation Allowance

 

 

(870,140 )

 

 

 

 

Schedule of Effective Income Tax Rate Reconciliation

 

 

December 31,

2021

 

 

December 31,

2020

 

Summary Rate Reconciliation

 

%

 

 

%

 

Federal statutory rate

 

 

21.0

 

 

 

21.0

 

State income taxes, net of federal benefit

 

 

-

 

 

 

-

 

Permanent Differences

 

 

(4.8 )

 

 

6.1

 

Stock based compensation

 

 

(0.6 )

 

 

(1.3 )

Federal Research & Development Credits

 

 

0.5

 

 

 

0.5

 

Foreign taxes

 

 

1.5

 

 

 

7.4

 

Federal Deferred Rate Decrease

 

 

(14.4 )

 

 

-

 

Change in Valuation Allowance

 

 

(3.2 )

 

 

(33.7 )

Total

 

 

-

 

 

 

-

 

Summary of valuation allowance

Disclosure Amounts

 

December 31,

2021

$

 

 

 

 

 

Net Operating Losses - United States

 

 

32,130,715

 

Net Operating Losses - Foreign

 

 

78,460,307

 

Credit Carryforward - United States

 

 

-

 

Credit Carryforward - Foreign

 

 

606,730

 

Increase in Valuation Allowance

 

 

870,140