Annual report pursuant to Section 13 and 15(d)

Income Taxes

v3.22.1
Income Taxes
12 Months Ended
Dec. 31, 2021
Income Taxes  
Note 9 - Income Taxes

Note 9 - Income Taxes

 

The Company has estimated net operating losses carry-forward for the years ended December 31, 2021 and 2020 of $24.4 million and $24.0 million, respectively, available to offset taxable income in future years.

 

The significant components of deferred income taxes and assets as of December 31, 2021 and December 31, 2020 are as follows:

 

 

 

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 )

 

 

 

 

 

 

 

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

 

 

-

 

 

 

-

 

 

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