Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Reconciliation of Federal Statutory Income Tax Rate and Effective Income Tax Rate

A reconciliation of the federal statutory income tax rate and the effective income tax rate is as follows for the years ended December 31, 2021 and 2020:

	December 31,
	2021			2020
	(%)			(%)
Federal statutory rate	21				21
Change in valuation allowance		5			(3	)
Research and development credits	—				(1	)
Removal of net operating losses and other credits		(25	)		(11	)
Impact of state tax rate change	—				(2	)
Stock compensation and other permanent items		(1	)		(4	)
Effective income tax rate	—			—

Summary of Significant Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets at December 31, 2021 and 2020 are as follows:

	December 31,
	2021			2020
Deferred tax assets:
Acquired technology	$	543,000		$	1,089,000
Stock compensation expense		1,413,000			1,139,000
Lease liability		3,000			59,000
Accruals and other		110,000			214,000
Total deferred tax assets		2,069,000			2,501,000
Deferred tax liabilities:
Right of use asset		(3,000	)		(59,000	)
Total deferred tax liabilities		(3,000	)		(59,000	)
Less valuation allowance		(2,066,000	)		(2,442,000	)
Net deferred tax assets (liabilities)	$	—		$	—