Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
SCHEDULE OF INCOME TAX EXPENSE

Income tax expense differs from the statutory amounts for each of the following years:

 

    2021     2020  
    For the years ended December 31,  
    2021     2020  
Income taxes at U.S. statutory rate   $ (17,836,000 )   $ (17,689,000 )
Current year reserve    

12,539,000

      12,020,000  
Expenses not deductible    

5,297,000

      5,669,000  
Total tax expense   $ -     $ -  
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

Deferred taxes are provided for the temporary differences between the financial reporting bases and the tax bases of our assets and liabilities. The temporary differences that give rise to deferred tax assets and liabilities were as follows:

 

    December 31,
2021
    December 31,
2020
 
Deferred tax assets (liabilities):                
Net operating loss carryforwards   $ 71,001,000     $ 61,062,000  
General business credit carryforwards     4,741,000       4,398,000  
State credits     2,780,000       2,857,000  
Property, equipment and goodwill     200,000       8,000  
Stock options     10,537,000       9,551,000  
Deferred revenue     62,000       62,000  
Intangible assets     367,000       312,000  
Other    

16,000

      70,000  
Gross deferred tax assets    

89,704,000

      78,320,000  
Valuation allowance    

(89,704,000

)     (78,320,000 )
Net deferred taxes   $ -     $ -  
SUMMARY OF NET OPERATING LOSS AND GENERAL BUSINESS CREDIT CARRYFORWARDS

 

    Net operating
loss
carryforwards
    General business
credit
carryforwards
 
2022   $ 8,230,000     $ 431,000  
2023     5,434,000       362,000  
2024     8,711,000       287,000  
2025     2,370,000       182,000  
2026     7,160,000       72,000  
Thereafter     90,416,000       3,407,000  
    $ 122,321,000     $ 4,741,000