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]  
Components of loss before income taxes
               
    Year ended December 31,  
    2021     2020  
Domestic (U.S.)   $ (6,349,632 )   $ (4,368,330 )
Foreign (U.K.)     862,248       (61,867 )
Foreign (Germany)     (128,869 )     (9,357,256 )
Foreign (Switzerland)     (28,926 )     (24,531 )
Loss before income taxes   $ (5,645,179 )   $ (13,811,984 )
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
               
    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   $     $