Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Reconciliation of Federal Statutory Income Tax Rate and Effective Income Tax Rate

A reconciliation of the federal statutory income tax rate and the effective income tax rate is as follows for the years ended December 31, 2022 and 2021:

	December 31,
	2022			2021
	(%)			(%)
Federal statutory rate		21			21
Change in valuation allowance		-			5
State income taxes, net of federal credits		2		—
Removal of net operating losses and other credits		(24	)		(25	)
Impact of state tax rate change		1		—
Stock compensation and other permanent items	—				(1	)
Effective income tax rate	—			—

Summary of Significant Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets at December 31, 2022 and 2021 are as follows:

	December 31,
	2022			2021
Deferred tax assets:
Acquired technology	$	-		$	543,000
Stock compensation expense		1,825,000			1,413,000
Capitalized R&D		125,000			-
Lease liability		29,000			3,000
Accruals and other		136,000			110,000
Total deferred tax assets		2,115,000			2,069,000
Deferred tax liabilities:
Right of use asset		(29,000	)		(3,000	)
Total deferred tax liabilities		(29,000	)		(3,000	)
Less valuation allowance		(2,086,000	)		(2,066,000	)
Net deferred tax assets (liabilities)	$	—		$	—