Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income Tax (Benefit)/Provision

The Company’s income tax (benefit)/provision is as follows for the years ended December 31, 2022 and 2021:

 

    2022     2021  
    2022     2021  
Current   $ -   $ -  
Deferred     (5,914,000- )     (6,219,000 )
Change in Valuation Allowance     5,914,000       6,219,000  
Income Tax Benefit   $ -     $ -  
Schedule of Reconciliation of Income Tax Rate and Benefit from Income Taxes

The reconciliation of income taxes using the statutory U.S. income tax rate and the benefit from income taxes for the years ended December 31, 2022 and 2021 are as follows:

 

    2022     2021  
    2022     2021  
             
Statutory U.S. Federal Income Tax Rate    

(21.0

)%     (21.0) %
New Jersey State income taxes, net of U.S. Federal tax effect    

(14.5

)%     (9.0 )%
Adjustment to deferred tax assets    

(4.1

)%     9.3 %
Other     0.7 %     (0.1 )%
Change in Valuation Allowance    

38.9

%     20.8 %
Net    

0.0

%     0.0 %
Schedule of Deferred Tax Assets and Related Valuation Allowances

The principal components of the deferred tax assets and related valuation allowances as of December 31, 2022 and 2021 are as follows:

 

    2022     2021  
    2022     2021  
             
Reserves and other   $ 745,000     $ 179,000  
Net operating loss carry-forwards    

26,176,000

      23,526,000  
Capitalized research and development     2,177,000       -  
Research and development tax credit     610,000

      610,000  
Share-based compensation     4,542,000

      4,021,000  
Valuation Allowance    

(34,250,000

)     (28,336,000 )
Net deferred tax asset   $ -     $ -