Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

Statutory to Effective Federal Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate is as follows:

	December 31,
	2021			2020
Federal statutory rate		21.0	%		21.0	%
State taxes		(13.0	)%		6.7	%
Extraordinary gain		0.0	%		0.0	%
Permanent differences		(8.9	)%		(4.5	)%
Research and development		2.8	%		2.3	%
State Taxes/Sale of NOL		21.0	%		–
Valuation Allowance		(1.8	)%		(27.1	)%
Other		0.0	%		1.6	%
Effective tax rate		21.1	%		0.0	%

Deferred Tax Assets, Net

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets were as follows:

	December 31,
	2021			2020
Federal net operating losses	$	22,831,097		$	19,757,859
State net operating losses		3,426,561			5,704,791
Stock options		1,374,830			1,687,123
Federal tax credit		1,661,238			1,089,138
State tax credits		410,089			752,791
Amortization		35,579			41,695
Accrued expense		4,665			352,642
Depreciation		719,666			721,024
Lease liabilities		137,838			171,543
Other		15,278			18,098
Total gross deferred tax assets		30,616,841			30,296,704
Less valuation allowance		(30,516,318	)		(30,142,744	)
Deferred tax assets, net	$	100,523		$	153,960
Right of use asset	$	(100,523	)	$	(153,960	)
Total gross deferred tax liabilities		(100,523	)		(153,960	)
Deferred tax, net	$	–		$	–