| Schedule Of Components Net Loss |
The components of the Company's net loss are as follows:
|
|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
United States |
|
$(36,133,358) |
|
$(34,842,427) |
United Kingdom |
|
(8,455,452) |
|
(7,550,356) |
Australia |
|
(14,506) |
|
45,880 |
Total |
|
$(44,603,316) |
|
$(42,346,903) |
|
| SCHEDULE OF COMPONENTS OF NET DEFERRED TAX ASSET |
Significant components of the Company’s net deferred tax asset are as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
U.S. and state net operating loss carryforwards |
|
$ |
59,092,710 |
|
|
$ |
53,438,141 |
|
Foreign net operating loss carryforwards |
|
|
11,558,247 |
|
|
|
7,267,176 |
|
Tax credit carryforward |
|
|
9,825,596 |
|
|
|
9,132,973 |
|
Stock-based compensation |
|
|
5,819,822 |
|
|
|
8,661,477 |
|
Capitalized research and development |
|
|
6,367,722 |
|
|
|
3,925,743 |
|
Accrued expenses |
|
|
897,354 |
|
|
|
503,124 |
|
Other temporary differences |
|
|
1,376,351 |
|
|
|
1,202,364 |
|
Subtotal |
|
|
94,937,802 |
|
|
|
84,130,998 |
|
Valuation allowance |
|
|
(94,937,802 |
) |
|
|
(84,130,998 |
) |
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, |
|
|
|
2023 |
|
|
2022 |
|
Tax provision at statutory rate |
|
|
21.00 |
% |
|
|
21.00 |
% |
State income tax, net of federal benefit |
|
|
5.94 |
% |
|
|
5.53 |
% |
Permanent differences |
|
|
(0.28 |
)% |
|
|
(1.72 |
)% |
Foreign expected tax |
|
|
4.46 |
% |
|
|
4.08 |
% |
Tax credits |
|
|
2.46 |
% |
|
|
1.87 |
% |
Foreign income tax rate change |
|
|
7.42 |
% |
|
|
— |
% |
Other |
|
|
(11.09 |
)% |
|
|
(5.99 |
)% |
Change in valuation reserve |
|
|
(29.91 |
)% |
|
|
(24.77 |
)% |
Total |
|
|
— |
% |
|
|
— |
% |
|