Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022			2021
Federal statutory rate		21.0	%		21.0	%
State taxes		4.8	%		(13.0	)%
Extraordinary gain		0.0	%		0.0	%
Permanent differences		(0.4	)%		(8.9	)%
Research and development		2.9	%		2.8	%
State Taxes/Sale of NOL		2.9	%		21.0	%
Valuation Allowance		(28.3	)%		(1.8	)%
Other		0.0	%		0.0	%
Effective tax rate		2.9	%		21.1	%

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,
	2022			2021
Federal net operating losses	$	25,063,210		$	22,831,097
State net operating losses		3,166,596			3,426,561
Stock options		2,696,879			1,374,830
Federal tax credit		2,893,412			1,661,238
State tax credits		511,557			410,089
Research and Development Capitalization (IRC 174)		4,506,729			–
License Agreement		2,811,000			–
Amortization		29,463			35,579
Accrued expense		–			4,665
Depreciation		732,064			719,666
Lease liabilities		127,278			137,838
Other		15,278			15,278
Total gross deferred tax assets		42,553,261			30,616,841
Less valuation allowance		(42,404,971	)		(30,516,318	)
Deferred tax assets, net	$	148,290		$	100,523
Right of use asset	$	(148,290	)	$	(100,523	)
Total gross deferred tax liabilities		(148,290	)		(100,523	)
Deferred tax, net	$	–		$	–