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 Reconciliation Statutory Federal Income Tax Provision to Actual Income Tax Benefit

The following is a reconciliation of the expected statutory federal income tax provision to the actual income tax expense:

 

    2021     2020  
    December 31,  
    2021     2020  
Federal statutory rate     (21.0 )%     (21.0 )%
State taxes, net of federal benefit     (4.7 )%     (4.4 )%
Equity related expenses     (1.7 )%     (2.6 )%
Tax exempt income     (2.2 )%     - %
Change in valuation allowance     29.6 %     28.0 %
Total income tax expense     0.0 %     0.0 %
    2021     2020  
    December 31,  
    2021     2020  
             
Pre-tax book income tax at statutory rate   $ (1,843 )   $ (1,476 )
State taxes, net of federal benefit     (409 )     (312 )
Return to provision     -       1  
Equity related expenses     (146 )     (182 )
Change in valuation allowance     2,587       1,970  
Other     189       (1 )
Total income tax expense   $ -     $ -  
 
Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):

    2021     2020  
    December 31,  
    2021     2020  
Deferred tax assets:                
Net operating loss carryforwards   $ 52,559     $ 50,005  
Stock-based compensation     3,006       2,929  
Federal R&D credit     2,222       2,222  
Accrued expenses     156       135  
Intangibles     216       103  
Right of use asset/liabilities     3       -  
Total deferred tax assets     58,162       55,394  
Deferred tax liabilities:                
Depreciation     (221 )     (29 )
Right of Use Asset/Liabilities     -       (11 )
                 
Total deferred tax liabilities     (221 )     (40 )
Less valuation allowance     (57,941 )     (55,354 )
Net deferred tax liability   $ -     $ -