Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.23.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
INCOME TAXES  
Schedule of provision for income taxes

    

For the Years Ended

December 31,

    

2022

    

2021

Deferred tax benefit:

  

 

  

Federal

$

(3,109,180)

$

(2,183,635)

State and local

 

(992,144)

 

(978,739)

 

(4,101,324)

 

(3,162,374)

Change in valuation allowance

 

4,101,324

 

3,162,374

Provision for income taxes

$

$

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

    

For the Years Ended

 

 December 31,

    

2022

    

2021

 

Tax expense at the federal statutory rate

21.0

%  

21.0

%

State taxes, net of federal benefit

8.0

%  

8.7

%

Permanent differences

(0.0)

%  

(0.2)

%

True-up

1.1

%  

1.2

%

Change in valuation allowance

(30.1)

%  

(30.7)

%

Effective income tax rate

0.0

%  

0.0

%

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

    

December 31,

    

2022

    

2021

Net operating loss carryforwards

$

7,939,954

$

5,383,659

Stock-based compensation expense

 

450,807

 

169,427

Deferred revenue

8,076

7,972

Accrued legal settlement

290,948

Section 174 expenditures

549,158

Other reserve

 

85,638

 

59,682

Intangibles

 

922,090

 

211,651

Tax credits

 

322,990

 

90,952

Deferred tax assets

 

10,278,713

 

6,214,291

Fixed assets

 

 

(36,902)

Deferred tax liabilities

 

 

(36,902)

Valuation allowance

 

(10,278,713)

 

(6,177,389)

Deferred tax assets, net

$

$