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

    

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)

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)

Effective income tax rate

%

%