Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Summary of Net Deferred Tax Assets

The Company's net deferred tax assets consist of the following components:

 

December 31,

 

2023

 

 

2022

 

Deferred tax assets:

 

 

 

 

Net operating loss carryforwards

$

5,226,712

 

 

$

3,294,955

 

Stock-based compensation

 

1,378,351

 

 

 

1,183,941

 

 Research and development

 

 

3,183,980

 

 

 

1,499,300

 

Accrued compensation

 

584,001

 

 

 

244,848

 

Other

 

 

 

 

6,724

 

Total net deferred tax assets before valuation allowance

 

10,373,044

 

 

 

6,229,768

 

Valuation allowance

 

(10,373,044

)

 

 

(6,229,768

)

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,

 

2023

 

 

2022

 

Statutory federal income tax rate

 

21.0

%

 

 

21.0

%

State taxes, net of federal tax benefit

 

1.1

%

 

 

(7.7

)%

Stock-based compensation

 

(2.2

)%

 

 

(1.2

)%

Loss on extinguishment of debt

 

%

 

 

(1.5

)%

Other nondeductible expenses/(nontaxable income)

 

1.0

%

 

 

(3.0

)%

Change in valuation allowance

 

(20.9

)%

 

 

(7.6

)%

Income tax benefit

 

%

 

 

%