| SCHEDULE OF NET DEFERRED TAX ASSETS AND LIABILITIES |
The
Company’s net deferred tax assets, liabilities and valuation allowance as of December 31, 2023 and 2022 are summarized as follows:
SCHEDULE
OF NET DEFERRED TAX ASSETS AND LIABILITIES
| | |
2023 | | |
2022 | |
| | |
December
31, | |
| | |
2023 | | |
2022 | |
| Deferred
Tax Assets: | |
| | | |
| | |
| Net
operating loss carryforwards | |
$ | 14,311,000 | | |
$ | 13,200,000 | |
| Stock-based compensation | |
| 15,788,000 | | |
| 13,810,000 | |
| Research
and development costs | |
| 1,676,000 | | |
| 655,000 | |
| Research
and development credits | |
| 330,000 | | |
| 330,000 | |
| Right-of-use
assets | |
| 25,000 | | |
| - | |
| Other | |
| 4,000 | | |
| - | |
| Total
Deferred Tax Assets | |
| 32,134,000 | | |
| 27,995,000 | |
| | |
| | | |
| | |
| Deferred
Tax Liabilities: | |
| | | |
| | |
| Depreciation | |
| (122,000 | ) | |
| (106,000 | ) |
| Intangible
assets | |
| (47,000 | ) | |
| (113,000 | ) |
| Lease
liability | |
| (39,000 | ) | |
| - | |
| Other | |
| (86,000 | ) | |
| - | |
| Total
Deferred Tax Liabilities | |
| (294,000 | ) | |
| (219,000 | ) |
| | |
| | | |
| | |
| Net
Deferred Tax Asset | |
| 31,840,000 | | |
| 27,776,000 | |
| Less:
valuation allowance | |
| (31,840,000 | ) | |
| (27,776,000 | ) |
| Deferred
Tax Asset, Net of Valuation Allowance | |
$ | - | | |
$ | - | |
| | |
| | | |
| | |
| Change
in valuation allowance | |
$ | (4,064,000 | ) | |
$ | (5,822,000 | ) |
|
| SCHEDULE OF INCOME TAX PROVISION (BENEFIT) |
The
income tax provision (benefit) as of December 31, 2023 and 2022 consists of the following:
SCHEDULE
OF INCOME TAX PROVISION (BENEFIT)
| | |
2023 | | |
2022 | |
| | |
December 31, | |
| | |
2023 | | |
2022 | |
| | |
(As Restated) | | |
(As Restated) | |
| Federal: | |
| | | |
| | |
| Current | |
$ | - | | |
$ | - | |
| Deferred | |
| (3,090,000 | ) | |
| (4,351,000 | ) |
| | |
| | | |
| | |
| State
& Local: | |
| | | |
| | |
| Current | |
| - | | |
| - | |
| Deferred | |
| (974,000 | ) | |
| (1,471,000 | ) |
| Income
tax provision (benefit), gross | |
| (4,064,000 | ) | |
| (5,822,000 | ) |
| Change
in valuation allowance | |
| 4,064,000 | | |
| 5,822,000 | |
| Income tax provision (benefit) | |
$ | - | | |
$ | - | |
|
| SCHEDULE OF STATUTORY FEDERAL INCOME TAX RATE |
A
reconciliation of the statutory federal income tax benefit to actual tax benefit for the years ended December 31, 2023 and 2022 is as
follows:
SCHEDULE
OF STATUTORY FEDERAL INCOME TAX RATE
| | |
December
31, | |
| | |
2023 | | |
2022 | |
| | |
(As Restated) | | |
(As Restated) | |
| Federal
statutory rate | |
| 21.0 | % | |
| 21.0 | % |
| State
rate, net of federal benefit | |
| 1.7 | % | |
| 7.8 | % |
| Permanent
differences | |
| 7.2 | % | |
| 7.8 | % |
| Tax
return to provision adjustment | |
| -0.2 | % | |
| 7.3 | % |
| Change
in valuation allowance | |
| -29.7 | % | |
| -44.0 | % |
| Effective
tax rate | |
| 0.0 | % | |
| 0.0 | % |
|