| Reconciliation of income tax provision (benefit) |
| Reconciliation of income tax provision (benefit) |
|
|
|
|
|
|
|
|
| |
|
Year ended December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| Federal |
|
$ |
(1,185,488 |
) |
|
$ |
(2,900,517 |
) |
| State |
|
|
(376,463 |
) |
|
|
(230,238 |
) |
| Change in valuation allowance |
|
|
1,839,716 |
|
|
|
3,089,617 |
|
| Permanent differences, net |
|
|
110,821 |
|
|
|
1,399 |
|
| Foreign rate differential |
|
|
(27,240 |
) |
|
|
(985,231 |
) |
| Share-based payments, net |
|
|
14,827 |
|
|
|
22,267 |
|
| Enhanced research and development tax credits |
|
|
(101,416 |
) |
|
|
(56,564 |
) |
| Rate change |
|
|
– |
|
|
|
(2,015,683 |
) |
| Other items |
|
|
(274,757 |
) |
|
|
156,432 |
|
| Net benefit for income taxes |
|
$ |
– |
|
|
$ |
(2,918,518 |
) |
|
| Schedule of deferred tax assets and liabilities |
| Schedule of deferred tax assets and liabilities |
|
|
|
|
|
|
|
|
| |
|
Year ended December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| U.K. net operating loss carryforwards |
|
$ |
11,361,647 |
|
|
$ |
10,733,568 |
|
| U.K. capital loss carryforwards |
|
|
1,545,934 |
|
|
|
1,550,659 |
|
| U.S. federal net operating loss carryforwards |
|
|
5,709,292 |
|
|
|
4,671,789 |
|
| Switzerland net operating loss carryforwards |
|
|
21,758 |
|
|
|
72,614 |
|
| IPR&D |
|
|
6,537,654 |
|
|
|
7,020,109 |
|
| Share-based payments |
|
|
2,052,590 |
|
|
|
1,961,112 |
|
| Enhanced research and development tax credits |
|
|
1,519,074 |
|
|
|
1,375,136 |
|
| Germany net operating loss carryforwards |
|
|
628,574 |
|
|
|
636,378 |
|
| U.S. state net operating loss carryforwards |
|
|
1,730,756 |
|
|
|
1,408,866 |
|
| Other |
|
|
268,309 |
|
|
|
214,010 |
|
| Lease liability |
|
|
7,388 |
|
|
|
17,082 |
|
| Total deferred tax assets before valuation allowance |
|
|
31,382,975 |
|
|
|
29,661,323 |
|
| Valuation allowance for deferred tax assets |
|
|
(31,375,587 |
) |
|
|
(29,644,241 |
) |
| Net deferred tax assets |
|
|
7,388 |
|
|
|
17,082 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Right of use asset – leases |
|
|
(7,388 |
) |
|
|
(17,082 |
) |
| Total deferred tax liabilities |
|
|
(7,388 |
) |
|
|
(17,082 |
) |
| Net deferred liability |
|
$ |
– |
|
|
$ |
– |
|
|