INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES [Abstract]

Reconciliation of Income Taxes

A reconciliation of income taxes at the U.S. federal statutory rate to the benefit for income taxes is as follows:

	Year Ended December 31,
	2022			2021
Benefit at U.S. federal statutory rate	$	(13,839,830	)	$	(15,045,999	)
State taxes - deferred		(1,773,349	)		(251,839	)
Increase in valuation allowance		15,117,100			14,618,762
Research and development credits		(211,343	)		(239,585	)
Decrease in federal net operating loss		-			623,679
162(m) disallowance		862,027			63,515
Other		(154,605	)		231,467
Benefit for income taxes	$	-		$	-

Deferred Tax Assets

A summary of the Company’s deferred tax assets is as follows:

	Year Ended December 31,
	2022			2021
Federal and state net operating loss carryforwards	$	81,526,316		$	73,036,983
Federal and state research credits		407,280			31,333
Interest expense limitation carryforwards		12,194,369			6,013,040
Transaction costs		881,782			977,046
Deferred revenue		479,510			519,819
Accrued expenses and other		1,236,128			1,030,064
Total gross deferred tax assets		96,725,385			81,608,285
Less: valuation allowance for deferred tax assets		(96,725,385	)		(81,608,285	)
Net deferred tax assets	$	-		$	-