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 TAXES [Abstract]  
Reconciliation of Income Taxes

A reconciliation of income taxes at the U.S. federal statutory rate to the benefit for income taxes is as follows:

 

 

 

Year Ended December 31,

 

 

 

2021

   

2020

 

Benefit at U.S. federal statutory rate

  $ (15,045,999 )   $ (15,907,195 )

State taxes - deferred

    (251,839 )     (3,797,393 )

Increase in valuation allowance

    14,618,762       19,535,265  

Research and development credits

    (239,585 )     (246,989 )
Decrease in federal net operating loss
    623,679       -  

Other

    294,982       416,312  

Benefit for income taxes

  $ -     $ -  
Deferred Tax Assets

A summary of the Company’s deferred tax assets is as follows:

 

 

 

Year Ended December 31,

 

 

 

2021

   

2020

 

Federal and state net operating loss carryforwards

  $ 73,036,983     $ 59,114,928  

Federal and state research credits

    31,333       921,577  

Interest expense limitation carryforwards

    6,013,040       2,911,508  

Transaction costs

    977,046       1,080,041  

Deferred revenue

    519,819       563,956  

Accrued expenses and other

    1,030,064       2,397,513  

Total gross deferred tax assets

    81,608,285       66,989,523  

Less: valuation allowance for deferred tax assets

    (81,608,285 )     (66,989,523 )

Net deferred tax assets

  $ -     $ -