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Income Taxes | 12 Months Ended
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Dec. 31, 2022
Income Taxes |
Income Taxes | Note 9 - Income Taxes The Company has estimated net operating losses for the years ended December 31, 2022 and 2021 of $28.6 million and $24.4 million, respectively, available to offset taxable income in future years. The significant components of deferred income taxes and assets as of December 31, 2022 and December 31, 2021 are as follows:
|  |  | December 31, 2022 |  |  |  | December 31, 2021 |
Net Deferred Tax Liability |  |  | $ |  |  |  | $ |
Excess of tax over book depreciation and amortization |  |  | (46,001 | ) |  |  | (8,330 | )
ROU Asset |  |  | (117,134 | ) |  |  | (28,657 | )
Lease Liability |  |  | 122,279 |  |  |  | 47,301 |
Accrued expenses |  |  | 5,655 |  |  |  | 1,199 |
Unrealized Gain/Loss |  |  | - |  |  |  | 103,106 |
Capitalized research expenses |  |  | 1,237,122 |  |  |  | - |
Stock-based compensation |  |  | 321,956 |  |  |  | 186,252 |
Net Operating Losses carry-forward |  |  | 28,556,992 |  |  |  | 24,390,040 |
Research and development tax credits |  |  | 769,317 |  |  |  | 606,729 |
Gross deferred tax assets |  |  | 30,850,186 |  |  |  | 25,297,640 |
Valuation allowance |  |  | (30,850,186 | ) |  |  | (25,297,640 | )
Net deferred tax asset |  |  | - |  |  |  | - |
Change in Valuation Allowance |  |  | (5,552,546 | ) |  |  |  |
|  | December 31, 2022 |  |  | December 31, 2021 |
Summary Rate Reconciliation |  | % |  |  |  | % |
Federal statutory rate |  |  | 21.0 |  |  |  | 21.0 |
State income taxes, net of federal benefit |  |  | - |  |  |  | - |
Permanent Differences |  |  | (0.6 | ) |  |  | (4.8 | )
Stock based compensation |  |  | (0.3 | ) |  |  | (0.6 | )
Federal Research & Development Credits |  |  | 0.7 |  |  |  | 0.5 |
Foreign taxes |  |  | (0.1 | ) |  |  | 1.5 |
Federal Deferred Rate Decrease |  |  | 0.5 |  |  |  | (14.4 | )
Change in Valuation Allowance |  |  | (21.2 | ) |  |  | (3.2 | )
Total |  |  | - |  |  |  | - |
Disclosure Amounts |  | December 31, 2022 |  |  |  |  |
Net Operating Losses - United States |  |  | 35,072,965 |  |  |  |  |
Net Operating Losses - Foreign |  |  | 90,614,447 |  |  |  |  |
Credit Carryforward - United States |  |  | - |  |  |  |  |
Credit Carryforward - Foreign |  |  | 769,317 |  |  |  |  |
Increase in Valuation Allowance |  |  | 5,552,546 |  |  |  |  |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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