Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

Note 9 - Income Taxes

The Company has estimated net operating losses for the years ended December 31, 2023 and 2022 of $33.1 million and $28.6 million, respectively, available to offset taxable income in future years.

The significant components of deferred income taxes and assets as of December 31, 2023 and December 31, 2022 are as follows:

Net Deferred Tax Liability	December 31, 2023			December 31, 2022
	$			$
Excess of tax over book depreciation and amortization		(71,391	)		(46,001	)
ROU Asset		(108,326	)		(117,134	)
Lease Liability		113,834			122,279
Accrued expenses		8,933			5,655
Capitalized research expenses		2,723,982			1,237,122
Stock-based compensation		322,177			321,956
Net Operating Losses carry-forward		33,092,721			28,556,992
Research and development tax credits		1,033,416			769,317
Gross deferred tax assets		37,115,346			30,850,186
Valuation allowance		(37,115,346	)		(30,850,186	)
Net deferred tax asset		-			-
Change in Valuation Allowance		(6,265,160	)
Summary Rate Reconciliation	December 31, 2023			December 31, 2022
	%			%
Federal statutory rate		21.0			21.0
Permanent Differences		(3.3	)		(0.6	)
Stock-based compensation		(0.8	)		(0.3	)
Federal Research & Development Credits		0.7			0.7
Foreign taxes		(0.2	)		(0.1	)
Federal Deferred Rate Decrease		-			0.5
Change in Valuation Allowance		(17.5	)		(21.2	)
Total		(0.1	)		-
Disclosure Amounts	December 31, 2023
Net Operating Losses - United States		41,344,440
Net Operating Losses - Foreign		103,744,933
Credit Carryforward - United States		-
Credit Carryforward - Foreign		1,033,416
Increase in Valuation Allowance		6,265,160