Income Tax (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax

Schedule of components of income tax expense (benefit)

	2021		2020
Current Expense:
Federal	$	—	$	—
State		—		—
Foreign		—		—
		—		—
Deferred Expense:
Federal	$	(145,974)	$	—
State		—		—
Foreign		—		—
Total	$	(145,974)	$	—

Schedule of income tax expense reconciliation

	2021		2020
Federal income tax expense at statutory rate:	$	(7,465,000)	$	(5,540,000)
Increase (reduction) in income tax resulting from:
State Income Taxes		556,000		833,000
Foreign Rate Differential		(16,000)		5,000
Nondeductible Expenses		1,000		210,000
Research & Development Credit		(836,000)		(682,000)
Stock Based Compensation		164,000		113,000
Excess Executive Compensation		259,000		248,000
Payout of Contingent Consideration		—		421,000
Goodwill Impairment		305,000		—
Reserve for Loss Carryforwards Limited by Sec. 382		8,000		15,270,000
Other		(32,974)		(41,000)
Increase in Valuation Allowance		6,911,000		(10,837,000)
	$	(145,974)	$	—

Schedule of deferred tax assets and liabilities

	2021		2020
Deferred tax assets:
Net Operating Losses	$	17,830,889	$	13,012,193
R&D Credits		2,538,168		1,528,044
Stock Compensation		2,344,902		1,931,784
Contingent Consideration		767,763		668,994
Deferred Revenue		8,039		—
Unrealized Gains/Losses		210,300		—
Deferred tax assets		23,700,061		17,141,015
Deferred tax liabilities:
Intangible Assets		(803,937)		(1,347,399)
Property, plant and equipment, primarily due to differences in depreciation		(83,122)		(69,882)
Lease Liability		(78,035)		(99,761)
Other Accrued Expenses		(83,931)		(29,781)
Deferred tax liabilities		(1,049,025)		(1,546,823)
Valuation allowance		(22,866,973)		(15,956,103)
Net deferred tax (liabilities)	$	(215,937)	$	(361,911)