Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes  
Schedule of Components of Income Tax Expense (Benefit) The Company’s tax expense differs from the “expected” tax expense for the years ended December 31, 2021 and 2020. For 2021, the “expected” tax expense is computed by applying the Federal corporate statutory tax rate of 21% and a net, after Federal benefit state tax rate of 6.46% (state blended rate was 8.18%) to loss before taxes. For 2020, the “expected” tax expense is computed by applying the Federal corporate statutory tax rate of 21% and a net, after Federal benefit state tax rate of 6.45% (state blended rate was 8.17.%) to loss before taxes. These results are as follows (in thousands):

    

2021

    

2020

Computed “expected” tax-benefit - Federal

$

(3,045)

$

(2,124)

Computed “expected” tax-benefit - State

 

(931)

 

(616)

Adjustment of “expected” tax-benefit to actual

 

 

Meals, entertainment and other

 

 

Non-deductible stock-based compensation

 

32

 

32

State Tax Rate Adjustment

932

(1,221)

Federal and state NOL Adjustment

Change in valuation allowance

 

3,012

 

3,929

$

$

Schedule of Deferred Tax Assets and Liabilities

The effects of temporary differences that gave rise to significant portions of deferred tax assets at December 31, 2021 and 2020 are as follows (in thousands):

    

2021

    

2020

Deferred tax assets:

 

  

 

  

Stock issued for services

$

1,504

$

1,428

Accrued compensation

 

27

 

42

Stock issued for acquisition of program

 

1,462

 

1,436

Stock issued for license agreement

 

1,363

 

1,574

Stock issued for milestone payment

 

236

 

262

Amortizable License Fee

 

4

 

5

Net operating loss carry-forward

 

16,884

 

12,540

Total gross deferred tax assets

 

21,480

 

17,287

Less: valuation allowance

 

(21,480)

 

(17,287)

Total net deferred tax assets

$

$