Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
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, 2023 and 2022:

 

    2023     2022  
Current   $ -     $ -  
Deferred     4,129,000       (5,914,000 )
Change in Valuation Allowance     (4,129,000 )     5,914,000  
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, 2023 and 2022 are as follows:

 

    2023     2022  
             
Statutory U.S. Federal Income Tax Rate     (21.0 )%     (21.0 )%
New Jersey State income taxes, net of U.S. Federal tax effect     45.5 %     (14.5 )%
Adjustment to deferred tax assets     82.8 %     (4.1 )%
Other     - %     0.7 %
Change in Valuation Allowance     (107.3 )%     38.9 %
Net     0.0 %     0.0 %
Schedule of Deferred Tax Assets and Related Valuation Allowances

The principal components of the deferred tax assets and liabilities, and related valuation allowances as of December 31, 2023 and 2022 are as follows:

 

    2023     2022  
             
Reserves and other   $ 796,000     $ 745,000  
Net operating loss carry-forwards     26,494,000       26,176,000  
Capitalized research and development     3,946,000       2,177,000  
Research and development tax credit     1,326,000       610,000  
Share-based compensation     1,108,000       4,542,000  
Warrant liability     (2,860,000 )     -  
Derivative liability     (688,000 )     -  
Valuation Allowance     (30,122,000 )     (34,250,000 )
Net deferred tax asset   $ -     $ -