| 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 |
|
|
— |
% |
|
|
— |
% |
|