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	$	—	$	—