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

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of components of income (loss) before the income tax provision (benefit)
The components of loss before the income tax provision consist of the following:
Year Ended
December 31,
2023 2022
United States $ (25,799,330) $ (18,801,570)
Foreign (11,841,854) (673,291)
Pre-tax loss and comprehensive loss from operations
$ (37,641,184) $ (19,474,861)
The components of the income tax expense consisted of the following:
Year Ended December 31,
Current income tax expense 2023 2022
Federal $ —  $ — 
State 3,600  6,741 
Foreign —  — 
Total current income tax expense
$ 3,600  $ 6,741 
Schedule for significant portions of deferred income tax assets
The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred income tax assets are as follows:
  As of December 31,
Current deferred tax assets and (liabilities): 2023 2022
Net operating loss $ 40,900,348  $ 30,648,168 
Capital loss carryforwards 17,157,029  8,824,896 
Contingent legal accrual 1,320,526  1,306,098 
Depreciation 663,197  286,452 
Amortization 225,678  216,077 
Research and development credits 3,694,501  1,199,256 
Capitalized research and development costs 1,835,326  1,000,777 
Lease liability 51,086  16,565 
State taxes 777  756 
Other 663,067  473,429 
Gross deferred tax assets
66,511,533  43,972,473 
Valuation allowance (66,461,557) (43,957,489)
Net deferred tax assets
$ 49,976  $ 14,984 
Deferred tax liabilities
Right-of-use asset $ (49,976) $ (14,984)
Total deferred tax liabilities
(49,976) (14,984)
Net deferred tax assets
$   $  
Schedule of provision for income taxes on earnings subject to income taxes differs from the statutory Federal rate
The provision for income taxes on earnings subject to income taxes differs from the statutory Federal rate at December 31, 2023 and 2022, due to the following:
As of December 31,
2023 2022
Expected income tax benefit at federal statutory tax rate $ (7,904,649) $ (4,089,720)
State income taxes, net of federal benefit (847,810) (749,744)
Change in fair value of warrants —  (76,672)
Change in valuation allowance 3,167,507  (892,837)
Uncertain tax positions 1,008,482  884,911 
Reduction in deferreds upon divestiture —  4,974,768 
Non-deductible interest —  35,624 
Stock compensation 100,958  69,754 
Research and development credits (315,498) (281,709)
Rate adjustment 6,042  (3,568)
Foreign rate differential (1,918,633) 14,934 
Divestiture of VDL 2,269,297  — 
In process research and development 4,455,195  — 
Other (17,293) 121,000 
Provision for income taxes
$ 3,600  $ 6,741 
Schedule of reconciliation of beginning and ending amounts of unrecognized tax positions
A reconciliation of the beginning and ending amounts of unrecognized tax positions are as follows:
As of December 31,
2023 2022
Unrecognized tax positions, beginning of the year
$ 2,872,020  $ 1,784,626 
Gross increase - current period tax positions 1,243,191  1,087,413 
Gross increase - prior period tax positions 2,316,932  — 
Gross decrease – prior period tax positions —  (19)
Unrecognized tax positions, end of year
$ 6,432,143  $ 2,872,020