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 Tax Disclosure [Abstract]  
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

%