INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| INCOME TAXES |
|
| Schedule of component of net loss |
|
|
Years Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
Domestic |
|
$ |
(7,777,184 |
) |
|
$ |
(8,745,293 |
) |
(Loss) before provision for income taxes |
|
|
(7,777,184 |
) |
|
|
(8,745,293 |
) |
|
| Schedule Of The Company's tax expense differs from the "statutory" tax expense |
|
|
For the Years Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
Income tax (benefit) / Expense at federal statutory rate |
|
$ |
(1,633,209 |
) |
|
|
21.0 |
% |
|
$ |
(1,836,512 |
) |
|
|
21.0 |
% |
Apportioned state income taxes |
|
|
(95,082 |
) |
|
|
1.2 |
% |
|
|
(131,407 |
) |
|
|
1.5 |
% |
Stock based compensation |
|
|
89,502 |
|
|
|
(1.2 |
)% |
|
|
297,653 |
|
|
|
(3.3 |
)% |
Rate change |
|
|
46,848 |
|
|
|
(0.6 |
)% |
|
|
(31,180 |
) |
|
|
0.3 |
% |
Return to provision adjustments |
|
|
5,968 |
|
|
|
(0.1 |
)% |
|
|
(1,515 |
) |
|
|
0.0 |
% |
Other non-deductible items |
|
|
1,195 |
|
|
|
0.0 |
% |
|
|
- |
|
|
|
0.0 |
% |
Change in valuation allowance |
|
|
1,584,778 |
|
|
|
(20.3 |
)% |
|
|
1,702,961 |
|
|
|
(19.5 |
)% |
Total income tax provision |
|
$ |
- |
|
|
|
0.0 |
% |
|
$ |
- |
|
|
|
0.0 |
% |
|
| Schedule Of Deferred Tax Assets And Liabilities |
|
|
For the Years Ended
December 31,
|
|
|
|
2023 |
|
|
2022 |
|
Deferred tax assets/(liabilities) |
|
|
|
|
|
|
Federal net operating loss carryforwards |
|
$ |
8,703,105 |
|
|
$ |
7,606,833 |
|
State net operating loss carryforwards |
|
|
130,413 |
|
|
|
74,353 |
|
Stock based compensation |
|
|
2,665,017 |
|
|
|
2,738,159 |
|
Section 174 research and experimental expenditures |
|
|
623,902 |
|
|
|
374,926 |
|
Accrued compensation |
|
|
254,637 |
|
|
|
- |
|
Operating leases |
|
|
1,973 |
|
|
|
- |
|
Total deferred tax assets |
|
|
12,379,047 |
|
|
|
10,794,271 |
|
Other deferred tax liabilities |
|
|
(178 |
) |
|
|
(180 |
) |
Total deferred tax assets (liabilities) |
|
$ |
12,378,869 |
|
|
$ |
10,794,091 |
|
Valuation allowance |
|
|
(12,378,869 |
) |
|
|
(10,794,091 |
) |
Total deferred income taxes |
|
$ |
- |
|
|
$ |
- |
|
|
| Summary Of Operating Loss Carryforwards |
|
|
Net Operating Losses recorded as Federal
deferred tax asset
|
|
|
Net Operating Losses recorded as State
deferred tax asset
|
|
Total expiring operating losses (incurred prior to December 31, 2017) |
|
|
- |
|
|
|
- |
|
Non-expiring operating losses (incurred after December 31, 2017) |
|
|
41,443,359 |
|
|
|
2,371,136 |
|
Total Operating Loss |
|
$ |
41,443,359 |
|
|
$ |
2,371,136 |
|
|