Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes [Abstract]  
Schedule of income tax domestic and international components
    For the Years Ended  
    December 31,  
    2022     2022  
Domestic   $ (37,727,021 )   $ (15,078,170 )
International     (1,941,987 )     (5,269,682 )
    $ (39,669,008 )   $ (20,347,852 )

 

Schedule of income tax benefits provision
    For the Years Ended  
    December 31,  
    2022     2021  
Deferred tax benefits:            
Domestic:            
Federal   $ 4,057,936     $ 1,503,577  
State     1,343,123       499,136  
International     353,038       547,944  
      5,754,097       2,550,657  
Change in valuation allowance     (4,811,348 )     (2,527,453 )
Net income tax benefit   $ 942,749     $ 23,204  

 

Schedule of united states federal statutory rate
    For the Years Ended  
    December 31,  
    2022     2021  
US Federal statutory rate     21.0 %     21.0 %
Difference between domestic and foreign federal rates     (0.1 )%     (0.5 )%
State and provincial taxes, net of federal benefits     6.6 %     5.2 %
Permanent differences:                
Goodwill impairment     (23.7 )%     -  
Stock-based compensation     -       (5.8 )%
Change in the fair value of derivatives and accrued issuable equity     10.7 %     (6.4 )%
Other     -       (0.8 )%
Change in valuation allowance     (12.1 )%     (12.4 )%
Effective income tax rate     2.4 %     0.3 %

 

Schedule of deferred tax assets and liabilities
    As of
December 31,
 
    2022     2021  
Deferred tax assets:            
Net operating loss carryforwards   $ 13,399,384     $ 9,395,986  
Amortization     165,476       -  
Accrued compensation not currently deductible     343,787       169,222  
Stock compensation     1,588,866       -  
Accrued interest     150,502       146,636  
Other     8,125       (1 )
      15,656,140       9,711,843  
                 
Deferred tax liabilities:                
Difference between book and tax basis related to:                
Technology license     (368,587 )     (375,671 )
Acquired in-process research and development     (2,332,618 )     (3,267,854 )
Other     (555,880 )     (639,726 )
      (3,257,085 )     (4,283,251 )
                 
Deferred tax assets and liabilities     12,399,055       5,428,592  
Valuation allowance     (15,016,414 )     (9,072,118 )
Deferred tax assets and liabilities, net   $ (2,617,359 )   $ (3,643,526 )

  

Schedule of valuation deferred tax assets
    For the Years Ended  
    December 31,  
    2022     2021  
Beginning of period   $ (9,072,118 )   $ (9,709,220 )
Change in valuation pursuant to the tax provision     (4,811,348 )     (2,527,453 )
True-up to a prior year’s tax return     (1,132,948 )     3,164,555  
End of period   $ (15,016,414 )   $ (9,072,118 )