Schedule of Deferred Tax Assets and Liabilities |
As of December 31, 2021 and 2020, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following:
|
|
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
Research and development tax credits
|
|
$
|
9,475,588
|
|
|
$
|
8,371,302
|
|
Net operating loss carryovers
|
|
|
67,785,680
|
|
|
|
57,563,810
|
|
Property and equipment
|
|
|
189,271
|
|
|
|
219,461
|
|
Research and development costs
|
|
|
10,923,959
|
|
|
|
12,578,612
|
|
Start-up and organizational costs
|
|
|
462
|
|
|
|
540
|
|
Stock-based compensation
|
|
|
4,659,555
|
|
|
|
4,041,136
|
|
Operating lease liability
|
|
|
187,132
|
|
|
|
245,811
|
|
Other accruals
|
|
|
670,065
|
|
|
|
270,912
|
|
Total gross deferred tax assets
|
|
|
93,891,712
|
|
|
|
83,291,584
|
|
Less: valuation allowance
|
|
|
(93,718,497
|
)
|
|
|
(82,929,675
|
)
|
Total deferred tax assets
|
|
|
173,215
|
|
|
|
361,909
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
Operating lease right-of-use asset
|
|
|
(173,215
|
)
|
|
|
(361,909
|
)
|
Total deferred tax liabilities
|
|
|
(173,215
|
)
|
|
|
(361,909
|
)
|
Total deferred taxes, net
|
|
$
|
0
|
|
|
$
|
—
|
|
|
Summary of Valuation Allowance |
The change in the Company’s valuation allowance is as follows:
|
|
2021
|
|
|
2020
|
|
January 1,
|
|
$
|
82,929,675
|
|
|
$
|
73,892,063
|
|
Increase in valuation allowance
|
|
|
10,788,822
|
|
|
|
9,037,612
|
|
December 31,
|
|
$
|
93,718,497
|
|
|
$
|
82,929,675
|
|
|
Schedule of Effective Income Tax Rate Reconciliation |
|
|
For the Year Ended December 31,
|
|
|
|
2021
|
|
|
2020
|
|
Tax benefit at federal statutory rate
|
|
|
(21.0
|
)%
|
|
|
(21.0
|
)%
|
State income taxes
|
|
|
(5.8
|
)
|
|
|
(6.7
|
)
|
Permanent differences:
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
1.8
|
|
|
|
3.6
|
|
Executive compensation
|
|
|
1.6
|
|
|
|
(1.2
|
)
|
True-up of state deferred taxes
|
|
|
—
|
|
|
|
0.1
|
|
Change in effective tax rate
|
|
|
—
|
|
|
|
(0.1
|
)
|
Research and development tax credit, federal
|
|
|
(1.6
|
)
|
|
|
(2.0
|
)
|
Research and development tax credit, state
|
|
|
(1.1
|
)
|
|
|
(1.3
|
)
|
Increase in valuation allowance, federal
|
|
|
19.2
|
|
|
|
20.6
|
|
Increase in valuation allowance, state
|
|
|
6.9
|
|
|
|
8.0
|
|
Effective income tax rate
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
|