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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule Of Pre Tax Earnings

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,		​	December 31,		​	December 31,
​		2022			2021			2020
Pre-Tax Income (Loss)		​			​			​
U.S.	​	$	(41,356,619)	​	$	(39,906,101)	​	$	(18,238,773)
Outside the U.S.	​		593,046	​		(471,059)	​		286,601
Total Pre-Tax Income (Loss)	​	$	(40,763,573)	​	$	(40,377,160)	​	$	(17,952,172)

​

Schedule of Components of Income Tax Expense (Benefit)

​

​	​	​	​	​	​	​	​	​	​
​		2022			2021			2020
U.S. Income Taxes:		​			​			​
Current Provision	​	$	—	​	$	—	​	$	—
Deferred Provision	​		(2,957,991)	​		(8,924,947)	​		(3,897,293)
Valuation Allowance	​		2,957,991	​		8,924,947	​		3,897,293
Income Taxes Outside the U.S.:	​		​	​		​	​		​
Current Provision	​		—	​		—	​		—
Deferred Provision	​		109,107	​		(341,181)	​		7,916
Valuation Allowance	​		(109,107)	​		341,181	​		(7,916)
State Income Taxes:	​		​	​		​	​
Current Provision	​		—	​		—	​		—
Deferred Provision	​		271,248	​		(636,401)	​		(94,324)
Valuation Allowance	​		(271,248)	​		636,401	​		94,324
Total Provision	​	$	—	​	$	—	​	$	—

​

Schedule of Effective Income Tax Rate Reconciliation

​

​	​	​	​	​	​	​
​		2022		2021		2020
​	​	%	​	%	​	%
Federal Income Tax at Statutory Rate		21.0		21.0		21.0
State Tax Provision, Net of Federal Benefit		(0.5)		1.6		0.3
Permanent Differences		(0.4)		—		(0.4)
Forgiveness of PPP Loan	​	—	​	—	​	1.8
Federal Tax Credits		(0.1)		0.2		1.1
Stock Compensation	​	(13.2)	​	1.5	​	(2.1)
Foreign Tax Provision	​	0.1	​	0.6	​	0.3
Expiration of NOL, Credits, Charitable Contribution	​	(0.8)	​	(0.7)	​	0.1
Other		0.2		0.3		0.1
Effective Tax Rate		6.3		24.5		22.2
Change in Valuation Allowance		(6.3)		(24.5)		(22.2)
Net Effective Tax Rate		—		—		—

​

Schedule of Deferred Tax Assets and Liabilities

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,		​	December 31,		​	December 31,
​		2022			2021			2020
Deferred Tax Assets:		​			​			​
Net Operating Loss Carry-forwards	​	$	38,655,757	​	$	36,705,377	​	$	29,264,829
Tax Credit Carry-forwards	​		4,048,872	​		3,924,660	​		3,778,001
Inventory Valuation Adjustment	​		350,165	​		290,713	​		847,441
Stock-Based Compensation	​		890,169	​		2,989,427	​		208,803
Lease Obligation Liability	​	​	204,141	​	​	240,741	​	​	323,186
Capitalized R&D	​	​	2,265,857	​	​	—	​	​	—
Other	​		702,540	​		425,737	​		368,243
Total Deferred Tax Assets	​		47,117,501	​		44,576,655	​		34,790,503
​	​	​	​	​	​	​	​	​	​
Deferred Tax Liabilities:	​			​			​
​	​	​	​	​	​	​	​	​	​
Income from Foreign Operations	​	​	—	​	​	—	​	​	10,727
Lease Right of Use Asset	​	​	204,141	​	​	240,741	​	​	323,186
Moviynt Intangibles	​	​	3,867	​	​	​	​	​	​
Other	​		—	​		4,057	​		27,262
Total Deferred Tax Liabilities	​		208,008	​		244,798	​		361,175
​	​	​	​	​	​	​	​	​	​
Net Deferred Tax Assets Before Valuation Allowance	​	$	46,909,493	​	$	44,331,857	​	$	34,429,328
Valuation Allowance	​		(46,909,493)	​		(44,331,857)	​		(34,429,328)
​	​	​	​	​	​	​	​	​	​
Net Deferred Tax Assets	​	$	—	​	$	—	​	$	—

​

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of pre tax earnings of the entity during the period.

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