| Components of loss before income taxes |
| Components of loss before income taxes |
|
|
|
|
|
|
| |
|
Year ended December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| Domestic (U.S.) |
|
$ |
(7,905,676 |
) |
|
$ |
(6,349,632 |
) |
| Foreign (U.K.) |
|
|
1,488,938 |
|
|
|
862,248 |
|
| Foreign (Germany) |
|
|
(124,279 |
) |
|
|
(128,869 |
) |
| Foreign (Switzerland) |
|
|
(11,336 |
) |
|
|
(28,926 |
) |
| Loss before income taxes |
|
$ |
(6,552,353 |
) |
|
$ |
(5,645,179 |
) |
|
| Reconciliation of income tax provision (benefit) |
|
Reconciliation of income tax provision (benefit) |
|
|
|
|
|
|
| |
|
Year ended December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| Federal |
|
$ |
(1,375,995 |
) |
|
$ |
(1,185,488 |
) |
| State |
|
|
(476,802 |
) |
|
|
(376,463 |
) |
| Change in valuation allowance |
|
|
7,233,525 |
|
|
|
1,839,716 |
|
| Permanent differences, net |
|
|
197,151 |
|
|
|
110,821 |
|
| Foreign rate differential |
|
|
(39,041 |
) |
|
|
(27,240 |
) |
| Share-based payments, net |
|
|
19,087 |
|
|
|
14,827 |
|
| Enhanced research and development tax credits |
|
|
(109,792 |
) |
|
|
(101,416 |
) |
| Rate change |
|
|
(5,120,196 |
) |
|
|
– |
|
| Other items |
|
|
(327,937 |
) |
|
|
(274,757 |
) |
| Net benefit for income taxes |
|
$ |
– |
|
|
$ |
– |
|
|
| Schedule of deferred tax assets and liabilities |
|
Schedule of deferred tax assets and liabilities |
|
|
|
|
|
|
| |
|
Year ended December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| U.K. net operating loss carryforwards |
|
$ |
14,812,743 |
|
|
$ |
11,361,647 |
|
| U.K. capital loss carryforwards |
|
|
1,545,934 |
|
|
|
1,545,934 |
|
| U.S. federal net operating loss carryforwards |
|
|
6,085,858 |
|
|
|
5,709,292 |
|
| Switzerland net operating loss carryforwards |
|
|
22,722 |
|
|
|
21,758 |
|
| IPR&D |
|
|
8,546,593 |
|
|
|
6,537,654 |
|
| Share-based payments |
|
|
2,169,480 |
|
|
|
2,052,590 |
|
| Enhanced research and development tax credits |
|
|
1,820,269 |
|
|
|
1,519,074 |
|
| Germany net operating loss carryforwards |
|
|
627,780 |
|
|
|
628,574 |
|
| Capitalized research and experimental expenditure |
|
|
735,702 |
|
|
|
– |
|
| U.S. state net operating loss carryforwards |
|
|
1,913,128 |
|
|
|
1,730,756 |
|
| Other |
|
|
288,887 |
|
|
|
268,309 |
|
| Lease liability |
|
|
– |
|
|
|
7,388 |
|
| Total deferred tax assets before valuation allowance |
|
|
38,569,096 |
|
|
|
31,382,975 |
|
| Valuation allowance for deferred tax assets |
|
|
(38,569,096 |
) |
|
|
(31,375,587 |
) |
| Net deferred tax assets |
|
|
|
|
|
|
7,388 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Right of use asset – leases |
|
|
– |
|
|
|
(7,388 |
) |
| Total deferred tax liabilities |
|
|
– |
|
|
|
(7,388 |
) |
| Net deferred liability |
|
$ |
– |
|
|
$ |
– |
|
|