XML 89 R69.htm IDEA: XBRL DOCUMENT v3.23.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of federal and state statutory tax rates and the provision for income tax benefit

    

2022

    

2021

Federal

$

$

Foreign

 

 

State

 

(1,154,935)

 

(864,742)

Income tax benefit

$

(1,154,935)

$

(864,742)

Schedule of deferred tax assets and liabilities

    

2022

    

2021

Net operating loss carry forwards

$

27,252,000

$

28,065,000

Orphan drug and research and development credit carry forwards

 

8,837,000

 

8,605,000

Equity based compensation

 

285,000

 

264,000

Intangibles

 

1,696,000

 

1,953,000

Capitalized research and development (Section 174)

 

1,832,000

 

Lease liability

 

96,000

 

30,000

Total

 

39,998,000

 

38,917,000

Valuation allowance

(39,902,000)

(38,887,000)

Net deferred tax assets

96,000

30,000

Right of use asset

(96,000)

(30,000)

Total gross deferred tax liabilities

 

(96,000)

 

(30,000)

Net deferred tax assets

$

$

Schedule of federal and state statutory tax rates and the provision for income tax benefit

    

2022

    

2021

 

Federal tax at statutory rate

 

(21.0)

%

(21.0)

%

State tax benefits, plus sale of NJ NOL, net of federal benefit

 

(2.4)

 

(7.6)

Foreign tax rate difference

 

0.2

 

0.1

Orphan drug and research and development credits

 

(3.9)

 

(4.3)

Permanent differences

 

3.1

 

1.3

Foreign NOL adjustments

 

0.4

 

0.6

Expiration of tax attributes

 

9.1

 

4.9

Change in valuation allowance

 

6.8

 

19.6

Income tax benefit

 

(7.7)

%  

(6.4)

%