Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
INCOME TAXES  
Schedule of components of net deferred income tax asset

    

December 31, 2022

    

December 31, 2021

Deferred tax assets

Net operating loss carry forwards

$

3,359,183

$

1,594,650

Share-based compensation

 

2,262,381

 

1,149,720

Research and development credit carryforwards

 

141,671

 

105,881

Capitalized research and development

1,347,028

Gross deferred tax assets

7,110,263

2,850,251

Less valuation allowance

(7,110,263)

(2,850,251)

Net deferred tax asset

$

$

Summary of reconciliation of income tax expense (benefit)

December 31, 2022

December 31, 2021

Federal income tax expense at statutory rate

21.0

%

21.0

%

State income tax, net of federal benefit

14.4

5.1

Permanent differences

(0.5)

Research and development tax credit

0.3

1.0

Change in valuation allowance

(35.2)

(27.1)

Effective income tax rate

%

%