XML 42 R28.htm IDEA: XBRL DOCUMENT v3.22.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
INCOME TAXES:  
Schedule of Income before Income Tax, Domestic and Foreign

Year Ended December 31, 

    

2021

    

2020

    

2019

Domestic

$

(18,829,797)

$

(5,682,628)

$

(11,921,799)

Foreign

 

(6,464,854)

 

(3,281,634)

 

(8,436,291)

Total

$

(25,294,651)

$

(8,964,262)

$

(20,358,090)

Schedule of Components of Income Tax Expense (Benefit)

Year Ended December 31, 

    

2021

    

2020

    

2019

State Tax, including sale of New Jersey losses & credits

$

736,003

$

1,127,074

$

1,092,446

Foreign tax provision

 

 

 

$

736,003

$

1,127,074

$

1,092,446

Schedule of Deferred Tax Assets and Liabilities

Year Ended December 31, 

    

2021

    

2020

    

2019

Deferred tax assets:

 

  

 

  

 

  

Net operating loss carry forward

$

27,190,654

$

22,301,154

$

20,843,902

Stock options

 

1,203,272

 

305,982

 

329,726

Research and development credit carryforward

 

2,687,591

 

2,194,211

 

1,720,558

Accruals and others

 

232,665

 

135,330

 

56,461

Lease liability

3,997,114

289,287

300,991

Gross deferred tax assets

 

35,311,296

 

25,225,964

 

23,251,638

Less valuation allowance

 

(31,242,130)

 

(24,794,474)

 

(22,857,741)

 

4,069,166

 

431,490

 

393,897

Deferred tax liability:

 

 

 

Fixed assets

 

(4,069,166)

 

(431,490)

 

(393,897)

Net deferred tax assets

$

$

$

Schedule of Effective Income Tax Rate Reconciliation

Year Ended December 31, 

 

    

2021

    

2020

    

2019

 

Federal statutory rate

 

21.0

%  

21.0

%  

21.0

%

State taxes, net of federal benefit

 

(2.0)

 

(9.5)

 

(4.4)

Foreign rate differential

 

2.3

 

3.3

 

3.7

Permanent items

 

(6.5)

 

(2.0)

 

(2.0)

Rate change and true-up

 

11.8

 

17.0

 

8.0

Change in valuation allowance

 

(25.5)

 

(21.6)

 

(22.7)

R&D credit

 

1.7

 

4.4

 

1.8

Effective income tax rate

 

2.8

%  

12.6

%  

5.4

%