Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
SCHEDULE OF COMPONENTS OF NET DEFERRED TAX ASSET

Significant components of the Company’s net deferred tax asset are as follows:

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

NOL carryforward

 

$

50,311,967

 

 

$

45,360,175

 

Foreign net operating loss carryforward

 

 

5,846,372

 

 

 

10,532,490

 

Tax credits

 

 

8,392,989

 

 

 

8,843,792

 

Stock based compensation

 

 

9,102,630

 

 

 

7,354,531

 

Accrued expenses

 

 

559,876

 

 

 

1,202,538

 

Other temporary differences

 

 

1,284,347

 

 

 

1,152,853

 

Subtotal

 

 

75,498,181

 

 

 

74,446,379

 

Valuation allowance

 

 

(75,498,181

)

 

 

(74,446,379

)

Net deferred tax asset

 

$

 

 

$

 

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

Income tax benefits computed using the federal statutory income tax rate differs from the Company’s effective tax rate primarily due to the following:

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

Tax provision at statutory rate

 

 

21.00

%

 

 

21.00

%

State taxes, net of federal benefit

 

 

4.98

%

 

 

5.83

%

Permanent differences

 

 

(3.56

)%

 

 

(1.35

)%

Foreign expected tax

 

 

(1.21

)%

 

 

7.37

%

Tax credits

 

 

2.62

%

 

 

4.03

%

Income tax rate change

 

 

(0.20

)%

 

 

0.02

%

NOL Adjustments

 

 

(4.10

)%

 

 

%

Other

 

 

(17.37

)%

 

 

(8.12

)%

Decrease in valuation reserve

 

 

(2.16

)%

 

 

(28.78

)%

Total

 

 

%

 

 

%