Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022:

	December 31,
	2023			2022
	(%)			(%)
Federal statutory rate		21			21
Change in valuation allowance		(3	)		-
State income taxes, net of federal benefit		1			2
Removal of net operating losses and other credits		(16	)		(24	)
Impact of state tax rate change		(1	)		1
Stock compensation and other permanent items		(2	)		-
Effective income tax rate		-			-

Summary of Significant Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets are as follows:

	December 31,
	2023			2022
Deferred tax assets:
Stock compensation expense	$	1,839,000		$	1,825,000
Capitalized R&D		161,000			125,000
Lease liability		-			29,000
Accruals and other		294,000			136,000
Total deferred tax assets		2,294,000			2,115,000
Deferred tax liabilities:
Right of use asset		-			(29,000	)
Total deferred tax liabilities		-			(29,000	)
Less valuation allowance		(2,294,000	)		(2,086,000	)
Net deferred tax assets (liabilities)	$	-		$	-