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 |
) |
|