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  
Schedule of provision for income taxes

    

For the Years Ended

December 31,

    

2021

    

2020

Deferred tax benefit:

  

 

  

Federal

$

(2,183,635)

$

(132,480)

State and local

 

(978,739)

 

(641,793)

 

(3,162,374)

 

(774,273)

Change in valuation allowance

 

3,162,374

 

774,273

Provision for income taxes

$

$

Schedule of provision for income taxes differs from the statutory federal income tax rates

    

For the Years Ended

 

 December 31,

    

2021

    

2020

 

Tax expense at the federal statutory rate

21.0

%  

21.0

%

State taxes, net of federal benefit

8.7

%  

3.5

%

Permanent differences

(0.2)

%  

(10.3)

%

True-up

1.2

%  

(4.4)

%

Change in valuation allowance

(30.7)

%  

(9.8)

%

Effective income tax rate

0.0

%  

0.0

%

Schedule of components of deferred tax assets relate to temporary differences and carryforwards

    

December 31,

    

2021

    

2020

Net operating loss carryforwards

$

5,383,659

$

2,702,003

Stock-based compensation expense

 

169,427

 

102,409

Deferred Revenue

7,972

Accrued Legal Settlement

290,948

Other reserve

 

59,682

 

55,699

Intangibles

 

211,651

 

68,733

Tax credits

 

90,952

 

90,952

Deferred tax assets

 

6,214,291

 

3,019,796

Fixed assets

 

(36,902)

 

(4,781)

Deferred tax liabilities

 

(36,902)

 

(4,781)

Valuation allowance

 

(6,177,389)

 

(3,015,015)

Deferred tax assets, net

$

$