Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Current Tax Provisions and Deferred Tax Provisions

The current tax provisions and deferred tax provisions as reflected in the financial statements is as follows as of December 31:

	2022			2021
Current federal taxes	$	—			—
Current state taxes		6,300			4,000
Current tax provision		6,300			4,000
Deferred federal taxes		(2,797,001	)		(1,913,368	)
Deferred state taxes		371,982			(98,744	)
Deferred tax provision		(2,425,019	)		(2,012,112	)
Valuation allowance change		2,425,019			2,012,112
Total income tax expense provision	$	6,300			4,000

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:

	2022			2021
Federal income tax at statutory federal rate		21.00	%		21.00	%
Permanent differences		—			2.00
Research and development credit		(1.00	)		3.00
Other deferred adjustments		—			—
State income tax expense (net of federal benefit)		1.00			1.00
Valuation allowance		(21.00	)		(27.00	)
Effective tax rate		—	%		—	%

Components of Deferred tax assets (liabilities)

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

	2022			2021
Deferred tax asset arising from:
Net operating loss carry forwards	$	17,869,574			16,873,473
Accrued expenses (vacation)		7,625			13,920
Intangibles		90,508			82,451
Property and equipment		41,279			—
Research and development expense capitalization		1,487,512			—
Research and development tax credits		3,088,254			3,190,604
Share-based compensation expense		46,312			20,207
Lease liabilities		90,224			188,789
Other		1,189			8,898
Deferred tax asset		22,722,477			20,378,342
Deferred tax liability arising from:
UNICAP		(10,733	)		(10,615	)
Right-of-use assets		(71,646	)		(138,239	)
Property and equipment		—			(14,409	)
Deferred tax liability		(82,379	)		(163,263	)
Valuation allowance	$	22,640,098			20,215,079
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, 2022:

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		40,655,622
Total	$	82,500,657