Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of our deferred tax assets are comprised of the following:


	As of December 31,
	2021		2020
Federal NOL	$	13,292,524	$	8,385,931
State NOL	3,127,854		800,008
Research and development credits	1,246,653		503,406
Lease liability	89,106		172,674
Stock compensation & other	1,911,401		1,108,314
Deferred tax asset valuation allowance	(19,048,156)		(10,239,037)
Total deferred tax asset	619,382		731,296

Deferred tax liability (In-Process R&D)	(957,000)		(957,000)
Right-of-use asset	(71,404)		(183,318)
Total deferred tax liability	(1,028,404)		(1,140,318)

Net deferred tax liability	$	(409,022)	$	(409,022)

Schedule of Effective Income Tax Rate

A reconciliation of income tax benefit computed at the statutory federal income tax rate to income taxes as reflected in the consolidated financial statements is as follows:


	Year Ended December 31,
	2021		2020
U.S. statutory income tax rate	21.0	%	21.0	%
State income taxes, net of federal benefit	8.0	%	8.6	%
Research and development credits	1.7	%	2.1	%
Warrant liability and contingent consideration	(1.5)		(0.2)	%

Other	(1.1)	%	(1.7)	%
Valuation allowance	(28.1)	%	(29.9)	%
Effective tax rate	—	%	(0.1)	%