Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023			2022
Federal statutory rate		21.0	%		21.0	%
State taxes		7.9	%		4.8	%
Extraordinary gain		0.0	%		0.0	%
Permanent differences		(0.9	)%		(0.4	)%
Research and development		4.1	%		2.9	%
State Taxes/Sale of NOL		3.2	%		2.9	%
Valuation Allowance		(32.1	)%		(28.3	)%
Other		0.0	%		0.0	%
Effective tax rate		3.2	%		2.9	%

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,
	2023			2022
Federal net operating losses	$	28,599,086		$	25,063,210
State net operating losses		4,648,978			3,166,596
Stock options		4,668,417			2,696,879
Federal tax credit		4,730,921			2,893,412
State tax credits		582,605			511,557
Research and Development Capitalization (IRC 174)		10,017,958			4,506,729
License Agreement		2,639,961			2,811,000
Amortization		23,131			29,463
Accrued expense		104			–
Depreciation		725,305			732,064
Lease liabilities		50,564			127,278
Other		15,374			15,278
Total gross deferred tax assets		56,702,404			42,553,261
Less valuation allowance		(56,645,587	)		(42,404,971	)
Deferred tax assets, net	$	56,817		$	148,290
Right of use asset	$	(56,817	)	$	(148,290	)
Total gross deferred tax liabilities		(56,817	)		(148,290	)
Deferred tax, net	$	–		$	–