SCHEDULE OF INCOME TAX EXPENSE |
Income
tax expense differs from the statutory amounts for each of the following years:
SCHEDULE
OF INCOME TAX EXPENSE
|
|
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:
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES
|
|
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 |
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 |
|
|