Income Tax (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax

Schedule of components of income tax benefit

	2022		2021
Current Expense:
Federal	$	—	$	—
State		—		—
Foreign		—		—
		—		—
Deferred Expense:
Federal	$	(215,937)	$	(145,974)
State		—		—
Foreign		—		—
Total	$	(215,937)	$	(145,974)

Schedule of income tax expense reconciliation

	2022		2021
Federal income tax expense at statutory rate:	$	(8,734,000)	$	(7,465,000)
Increase (reduction) in income tax resulting from:
State income taxes		(146,000)		556,000
Foreign rate differential		(19,000)		(16,000)
Nondeductible expenses		1,000		1,000
Research and development credit		(1,312,000)		(836,000)
Stock based compensation		192,000		164,000
Excess executive compensation		9,000		259,000
Goodwill impairment		—		305,000
Reserve for loss carryforwards limited by Sec. 382		8,000		8,000
Other		65,063		(32,974)
Increase in valuation allowance		9,720,000		6,911,000
	$	(215,937)	$	(145,974)

Schedule of deferred tax assets and liabilities

	2022		2021
Deferred tax assets:
Net operating losses	$	24,542,949	$	17,830,889
R&D credits		3,822,392		2,538,168
Stock compensation		2,974,242		2,344,902
Contingent consideration		—		767,763
Deferred revenue		7,465		8,039
Section 174 costs		4,041,814		—
Unrealized gains/losses		583,683		210,300
Deferred tax assets		35,972,545		23,700,061
Deferred tax liabilities:
Intangible assets		—		(803,937)
Property, plant and equipment, primarily due to differences in depreciation		(553,840)		(83,122)
Lease liability		(2,732,712)		(78,035)
Other		(99,272)		(83,931)
Deferred tax liabilities		(3,385,824)		(1,049,025)
Valuation allowance		(32,586,721)		(22,866,973)
Net deferred tax (liabilities)	$	—	$	(215,937)