Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of income tax domestic and international components
    For the Years Ended  
    December 31,  
    2021     2020  
Domestic   $ (15,078,170 )   $ (8,635,341 )
International     (5,269,682 )     (2,269,144 )
    $ (20,347,852 )   $ (10,904,485 )

 

Schedule of income tax benefits provision
    For the Years Ended  
    December 31,  
    2021     2020  
Deferred tax benefits:            
Domestic:            
Federal   $ 1,503,577     $ 1,289,907  
State     499,136       427,689  
International     547,944       541,614  
      2,550,657       2,259,210  
Change in valuation allowance     (2,527,453 )     (2,238,783 )
Net income tax benefit   $ 23,204     $ 20,427  

 

Schedule of united states federal statutory rate
    For the Years Ended  
    December 31,  
    2021     2020  
US Federal statutory rate     21.0 %     21.0 %
Difference between domestic and foreign federal rates     (0.5 )%     (0.6 )%
State and provincial taxes, net of federal benefits     5.2 %     6.0 %
Permanent differences:                
Stock-based compensation     (5.8 )%     (0.8 )%
Change in the fair value of derivatives and accrued issuable equity     (6.4 )%     (4.6 )%
Loss on extinguishment    
-
      (1.0 )%
Other     (0.8 )%     0.7 %
Change in valuation allowance     (12.4 )%     (20.5 )%
Effective income tax rate     0.3 %     0.2 %

 

Schedule of deferred tax assets and liabilities
    As of
December 31,
 
    2021     2020  
Deferred tax assets:            
Net operating loss carryforwards   $ 9,395,986     $ 6,352,809  
Organizational costs deferred for tax purposes     -       3,068,651  
Accrued compensation not currently deductible     169,222       224,931  
Accrued interest     146,636      
-
 
Other     (1 )     62,829  
      9,711,843       9,709,220  
                 
Deferred tax liabilities:                
Difference between book and tax basis related to:                
Technology license     (375,671 )     (404,507 )
Acquired in-process research and development     (3,267,854 )     (3,242,750 )
Other     (639,726 )     (21,072 )
      (4,283,251 )     (3,668,329 )
                 
Deferred tax assets and liabilities     5,428,592       6,040,891  
Valuation allowance     (9,072,118 )     (9,709,220 )
Deferred tax assets and liabilities, net   $ (3,643,526 )   $ (3,668,329 )

  

Schedule of valuation deferred tax assets
    For the Years Ended  
    December 31,  
    2021     2020  
Beginning of period   $ (9,709,220 )   $ (4,979,276 )
Allowance established in connection with the recording of deferred tax assets acquired resulting from the following transactions:                
- Business combination in 2020 described in Note 5    
-
      (2,491,161 )
Change in valuation pursuant to the tax provision     (2,527,453 )     (2,238,783 )
True-up to a prior year’s tax return     3,164,555      
-
 
End of period   $ (9,072,118 )   $ (9,709,220 )