| Income Taxes |
Note 9 - Income Taxes
The Company has estimated net operating losses for the years ended December 31, 2022 and 2021 of $28.6 million and $24.4 million, respectively, available to offset taxable income in future years.
The significant components of deferred income taxes and assets as of December 31, 2022 and December 31, 2021 are as follows:
|
|
|
December 31, 2022 |
|
|
|
December 31, 2021 |
|
Net Deferred Tax Liability |
|
|
$ |
|
|
|
$ |
|
Excess of tax over book depreciation and amortization |
|
|
(46,001 |
) |
|
|
(8,330 |
) |
ROU Asset |
|
|
(117,134 |
) |
|
|
(28,657 |
) |
Lease Liability |
|
|
122,279 |
|
|
|
47,301 |
|
Accrued expenses |
|
|
5,655 |
|
|
|
1,199 |
|
Unrealized Gain/Loss |
|
|
- |
|
|
|
103,106 |
|
Capitalized research expenses |
|
|
1,237,122 |
|
|
|
- |
|
Stock-based compensation |
|
|
321,956 |
|
|
|
186,252 |
|
Net Operating Losses carry-forward |
|
|
28,556,992 |
|
|
|
24,390,040 |
|
Research and development tax credits |
|
|
769,317 |
|
|
|
606,729 |
|
Gross deferred tax assets |
|
|
30,850,186 |
|
|
|
25,297,640 |
|
Valuation allowance |
|
|
(30,850,186 |
) |
|
|
(25,297,640 |
) |
|
|
|
|
|
|
|
|
|
Net deferred tax asset |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Change in Valuation Allowance |
|
|
(5,552,546 |
) |
|
|
|
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
Summary Rate Reconciliation |
|
% |
|
|
|
% |
|
Federal statutory rate |
|
|
21.0 |
|
|
|
21.0 |
|
State income taxes, net of federal benefit |
|
|
- |
|
|
|
- |
|
Permanent Differences |
|
|
(0.6 |
) |
|
|
(4.8 |
) |
Stock based compensation |
|
|
(0.3 |
) |
|
|
(0.6 |
) |
Federal Research & Development Credits |
|
|
0.7 |
|
|
|
0.5 |
|
Foreign taxes |
|
|
(0.1 |
) |
|
|
1.5 |
|
Federal Deferred Rate Decrease |
|
|
0.5 |
|
|
|
(14.4 |
) |
Change in Valuation Allowance |
|
|
(21.2 |
) |
|
|
(3.2 |
) |
Total |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Disclosure Amounts |
|
December 31, 2022 |
|
|
|
|
|
Net Operating Losses - United States |
|
|
35,072,965 |
|
|
|
|
|
Net Operating Losses - Foreign |
|
|
90,614,447 |
|
|
|
|
|
Credit Carryforward - United States |
|
|
- |
|
|
|
|
|
Credit Carryforward - Foreign |
|
|
769,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in Valuation Allowance |
|
|
5,552,546 |
|
|
|
|
|
|