Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.24.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2023
INCOME TAXES  
Schedule of components of net deferred income tax asset

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​

​

​

​

​

​

​

​

    

December 31, 2023

    

December 31, 2022

Deferred tax assets

​

​

​

​

​

​

Net operating loss carry forwards

​

$

5,517,038

​

$

3,359,183

Share-based compensation

​

 

3,255,964

​

 

2,262,381

Research and development credit carryforwards

​

 

331,671

​

 

141,671

Capitalized research and development

​

​

2,807,846

​

​

1,347,028

Other

​

​

10,945

​

​

—

Gross deferred tax assets

​

​

11,923,464

​

​

7,110,263

Less valuation allowance

​

​

(11,923,464)

​

​

(7,110,263)

Net deferred tax asset

​

$

—

​

$

—

Summary of reconciliation of income tax expense (benefit)

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​

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​

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​

​

​

December 31, 2023

​

December 31, 2022

Federal income tax expense at statutory rate

21.0

%

​

21.0

%

State income tax, net of federal benefit

10.4

​

​

14.4

​

Permanent differences

1.6

​

​

(0.5)

​

Research and development tax credit

-

​

​

0.3

​

Change in valuation allowance

(33.0)

​

​

(35.2)

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Effective income tax rate

—

%

​

—

%