Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Taxes  
Schedule of reconciliation of federal income tax rate to effective tax rate

 

Year Ended

 

December 31, 

     

2023

     

2022

  

U.S. federal statutory income tax rate

21.00

%  

21.00

%

Permanent differences

 

(2.01)

%  

(0.57)

%

State taxes, net of federal benefit

 

4.30

%  

4.83

%

Other adjustments

0.20

%  

0.06

%

Change in valuation allowance

 

(23.49)

%  

(25.32)

%

Effective Income Tax rate

 

%  

%

Schedule of net deferred tax assets

 

As of December 31, 

    

2023

    

2022

Deferred tax assets:

Net operating loss carryforwards

$

7,132,019

$

5,692,533

Capitalized research and development expenditures

1,524,035

1,873,211

Stock compensation

 

1,441,652

 

1,411,624

Investment in partnership

30,639

30,771

Amortization

14,049

15,223

Gross deferred tax assets

 

10,142,394

 

9,023,362

Valuation allowance

 

(9,926,772)

 

(8,682,497)

Net deferred tax assets

215,622

340,865

Deferred tax liabilities:

Prepaid expenses

(215,622)

(340,865)

Deferred tax liabilities

(215,622)

(340,865)

Net deferred taxes

$

$