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 Income Tax (Benefit)/ Provision

The Company’s income tax (benefit)/provision is as follows:

 

    2021     2020  
    Years Ended December 31,  
    2021     2020  
Current   $ -     $ -  
Deferred     (6,219,000 )     (1,958,000 )
Change in Valuation Allowance     6,219,000       1,958,000  
Income Tax Benefit   $ -     $ -  
Schedule of Reconciliation of Income Taxes Using Statutory U.S. 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, 2020 and 2019 are as follows:

 

    2021     2020  
    Years Ended December 31,  
    2021     2020  
             
Statutory U.S. Federal Income Tax Rate     (21.0 )%     (21.0 )%
New Jersey State income taxes, net of U.S. Federal tax effect     (9.0 )%     (5.1 )%
Adjustment to deferred tax assets     9.3 %     10.2 %
Other     (0.1 )%     4.8 %
Change in Valuation Allowance     20.8 %     11.1 %
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, 2021 and 2020 are as follows:

 

    2021     2020  
    Years Ended December 31,  
    2021     2020  
             
Reserves and other   $ 179,000     $ 51,000  
Net operating loss carry-forwards     23,526,000       21,514,000  
Research and development tax credit     610,000       455,000  
Share-based compensation     4,021,000       97,000  
Valuation Allowance     (28,336,000 )      (22,117,000 )
Net deferred tax asset   $ -     $ -