General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Summary of Net Deferred Tax Assets
The Company’s net deferred tax assets consist of the following components:
 
    
December 31,
  
    
2022
     
2021
  
Deferred tax assets:
                  
Net operating loss carryforwards
    $ 3,294,955      $ 3,013,721  
Stock-based compensation
      1,183,941        1,800,935  
Research and development
      1,499,300        —    
Accrued compensation
      244,848        109,673  
Other
      6,724        102,825  
    
 
 
     
 
 
  
Total net deferred tax assets before valuation allowance
      6,229,768        5,027,154  
Valuation allowance
      (6,229,768 )       (5,027,154 ) 
    
 
 
     
 
 
  
Net deferred tax asset
    $ —        $ —    
    
 
 
     
 
 
  
Schedule of Effective Tax Rate of Income Tax Benefit Differs from Federal Statutory Rate
The income tax benefit differs from the benefit that would result from applying federal statutory rates to loss before income taxes as follows:
 
    
December 31,
  
    
2022
    
2021
  
Statutory federal income tax rate
      21.0 %      21.0 % 
State taxes, net of federal tax benefit
      (7.7 )%      4.4 % 
Stock-based compensation
      (1.2 )%      (1.9 )% 
Loss on extinguishment of debt
      (1.5 )%      (3.9 )% 
Other nondeductible expenses/(nontaxable income)
      (3.0 )%      (2.8 )% 
Change in valuation allowance
      (7.6 )%      (16.8 )% 
    
 
 
    
 
 
  
Income tax benefit
      —   %      —    %