| Schedule of Deferred Tax Assets and Liabilities |
As of December 31, 2022 and 2021, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following:
|
|
|
December 31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
Research and development tax credits
|
|
$
|
10,526,768
|
|
|
$
|
9,475,588
|
|
|
Net operating loss carryovers
|
|
|
76,477,629
|
|
|
|
67,785,680
|
|
|
Property and equipment
|
|
|
162,698
|
|
|
|
189,271
|
|
|
Research and development costs
|
|
|
9,829,326
|
|
|
|
10,923,959
|
|
|
Start-up and organizational costs
|
|
|
9,275
|
|
|
|
462
|
|
|
Stock-based compensation
|
|
|
283,285
|
|
|
|
4,659,555
|
|
|
Operating lease liability
|
|
|
551,284
|
|
|
|
187,132
|
|
|
Other accruals
|
|
|
464,948
|
|
|
|
670,065
|
|
|
Total gross deferred tax assets
|
|
|
98,305,213
|
|
|
|
93,891,712
|
|
|
Less: valuation allowance
|
|
|
(97,756,771
|
)
|
|
|
(93,718,497
|
)
|
|
Total deferred tax assets
|
|
|
548,442
|
|
|
|
173,215
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use asset
|
|
|
(548,442
|
)
|
|
|
(173,215
|
)
|
|
Total deferred tax liabilities
|
|
|
(548,442
|
)
|
|
|
(173,215
|
)
|
|
Total deferred taxes, net
|
|
$
|
—
|
|
|
$
|
—
|
|
|
| Summary of Valuation Allowance |
The change in the Company’s valuation allowance is as follows:
|
|
|
2022
|
|
|
2021
|
|
|
January 1,
|
|
$
|
93,718,497
|
|
|
$
|
82,929,675
|
|
|
Increase in valuation allowance
|
|
|
4,038,274
|
|
|
|
10,788,822
|
|
|
December 31,
|
|
$
|
97,756,771
|
|
|
$
|
93,718,497
|
|
|