| Schedule Of Components Net Loss |
The components of the Company's net loss are as follows:
|
|
|
|
|
|
|
December 31, |
|
|
2022 |
|
2021 |
United States |
|
$(34,842,427) |
|
$(48,713,664) |
United Kingdom |
|
(7,550,356) |
|
3,016,100 |
Australia |
|
45,880 |
|
57,138 |
Total |
|
$(42,346,903) |
|
$(45,640,426) |
|
| SCHEDULE OF COMPONENTS OF NET DEFERRED TAX ASSET |
Significant components of the Company’s net deferred tax asset are as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
U.S. and state net operating loss carryforwards |
|
$ |
53,438,141 |
|
|
$ |
50,311,967 |
|
Foreign net operating loss carryforwards |
|
|
7,267,176 |
|
|
|
5,846,372 |
|
Tax credit carryforward |
|
|
9,132,973 |
|
|
|
8,392,989 |
|
Stock based compensation |
|
|
8,661,477 |
|
|
|
9,102,630 |
|
Capitalized research and development |
|
|
3,925,743 |
|
|
|
- |
|
Accrued expenses |
|
|
503,124 |
|
|
|
559,876 |
|
Other temporary differences |
|
|
1,202,364 |
|
|
|
1,284,347 |
|
Subtotal |
|
|
84,130,998 |
|
|
|
75,498,181 |
|
Valuation allowance |
|
|
(84,130,998 |
) |
|
|
(75,498,181 |
) |
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, |
|
|
|
2022 |
|
|
2021 |
|
Tax provision at statutory rate |
|
|
21.00 |
% |
|
|
21.00 |
% |
State income tax, net of federal benefit |
|
|
5.53 |
% |
|
|
4.98 |
% |
Permanent differences |
|
|
(1.72 |
)% |
|
|
(3.56 |
)% |
Foreign expected tax |
|
|
4.08 |
% |
|
|
(1.21 |
)% |
Tax credits |
|
|
1.87 |
% |
|
|
2.62 |
% |
Income tax rate change |
|
|
— |
|
|
|
(0.20 |
)% |
NOL Adjustments |
|
|
— |
|
|
|
(4.10 |
)% |
Other |
|
|
(5.99 |
)% |
|
|
(17.37 |
)% |
Change in valuation reserve |
|
|
(24.77 |
)% |
|
|
(2.16 |
)% |
Total |
|
|
— |
% |
|
|
— |
% |
|