Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Reconciliation of Income Tax Expense at Statutory Federal Income Tax Rate and Income Taxes

A reconciliation of income tax expense at the statutory federal income tax rate and income taxes as reflected in the financial statements is as follows as of December 31:

	2021			2020
Federal income tax at statutory federal rate		21.00	%		21.00	%
Permanent differences		2.00			(1.00	)
Research and development credit		3.00			3.00
Other deferred adjustments		—			(5.00	)
State income tax expense (net of federal benefit)		1.00			1.00
Valuation allowance		(27.00	)		(19.00	)
Effective tax rate		—	%		—	%

Components of Deferred tax assets (liabilities)

Deferred tax assets (liabilities) consisted of the following as of December 31:

	2021			2020
Deferred tax asset arising from:
Net operating loss carry forwards	$	16,873,473			14,975,253
Accrued expenses (vacation)		13,920			171,662
Intangibles		82,451			67,109
Research and development tax credits		3,190,604			2,952,047
Share-based compensation expense		20,207			20,035
Lease liabilities		188,789			271,231
Other		8,898			15,281
Deferred tax asset		20,378,342			18,472,618
Deferred tax liability arising from:
UNICAP		(10,615	)		(10,470	)
Right-of-use assets		(138,239	)		(231,283	)
Property and equipment		(14,409	)		(27,898	)
Deferred tax liability		(163,263	)		(269,651	)
Valuation allowance	$	20,215,079			18,202,967
Net deferred tax asset	$	—			—

Federal Net Operating Loss Carryforwards Available to Future Years

The following schedule indicates the expiration year, as of December 31, for the Company’s federal net operating loss carryforwards available to future years without taking into account any Section 382 limitations as of December 31, 2021:

2024	$	430,332
2025		865,274
2026		1,213,130
2027		2,082,043
2028		2,536,605
2029		2,235,045
2030		4,132,949
2031		3,160,709
2032		3,533,521
2033		2,987,848
2034		2,516,728
2035		4,777,558
2036		4,503,474
2037		6,869,819
Indefinitely		36,419,932
Total	$	78,264,967