Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The effective rate differs from the statutory rate of 21% as of December 31, 2021 and 2020 due to the following:

 

   

December 31,

2021

   

December 31,

2020

 

Statutory rate on pre-tax book loss

    21.00

%

    (21.00

)%

Stock based compensation

    0.0

%

    8.10

%

Fair value of warrant to acquire research and development

    0.0

%

    1.59

%

Other

    (1.3

)%

    0.03

%

Valuation allowance

    (19.7

)%

    11.28

%

      0.00

%

    0.00

%

 

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The Company’s deferred taxes as of December 31, 2021 and 2020 consist of the following:

 

   

December 31,

2021

   

December 31,

2020

 

Non-Current deferred tax asset:

               

Net operating loss carry-forwards

  $ 24,308,000     $ 19,900,000  

Stock based compensation

    6,862,000       4,800,000  

Valuation allowance

    (31,170,000

)

    (24,700,000

)

Net non-current deferred tax asset

  $ -     $ -