INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
INCOME TAXES:  
Schedule of Income before Income Tax, Domestic and Foreign

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Year Ended December 31, 

​

    

2021

    

2020

    

2019

Domestic

​

$

(18,829,797)

​

$

(5,682,628)

​

$

(11,921,799)

Foreign

​

 

(6,464,854)

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(3,281,634)

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(8,436,291)

Total

​

$

(25,294,651)

​

$

(8,964,262)

​

$

(20,358,090)

Schedule of Components of Income Tax Expense (Benefit)

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Year Ended December 31, 

​

    

2021

    

2020

    

2019

State Tax, including sale of New Jersey losses & credits

​

$

736,003

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$

1,127,074

​

$

1,092,446

Foreign tax provision

​

 

—

​

 

—

​

 

—

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​

$

736,003

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$

1,127,074

​

$

1,092,446

Schedule of Deferred Tax Assets and Liabilities

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Year Ended December 31, 

​

    

2021

    

2020

    

2019

Deferred tax assets:

 

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​

  

 

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Net operating loss carry forward

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$

27,190,654

​

$

22,301,154

​

$

20,843,902

Stock options

​

 

1,203,272

​

 

305,982

​

 

329,726

Research and development credit carryforward

​

 

2,687,591

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2,194,211

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1,720,558

Accruals and others

​

 

232,665

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135,330

​

 

56,461

Lease liability

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​

3,997,114

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​

289,287

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​

300,991

Gross deferred tax assets

​

 

35,311,296

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25,225,964

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23,251,638

Less valuation allowance

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(31,242,130)

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(24,794,474)

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(22,857,741)

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​

 

4,069,166

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431,490

​

 

393,897

Deferred tax liability:

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​

​

 

​

​

 

​

Fixed assets

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(4,069,166)

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(431,490)

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(393,897)

Net deferred tax assets

​

$

—

​

$

—

​

$

—

Schedule of Effective Income Tax Rate Reconciliation

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Year Ended December 31, 

 

​

    

2021

    

2020

    

2019

 

Federal statutory rate

 

21.0

%  

21.0

%  

21.0

%

State taxes, net of federal benefit

 

(2.0)

 

(9.5)

 

(4.4)

​

Foreign rate differential

 

2.3

 

3.3

 

3.7

​

Permanent items

 

(6.5)

 

(2.0)

 

(2.0)

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Rate change and true-up

 

11.8

 

17.0

 

8.0

​

Change in valuation allowance

 

(25.5)

 

(21.6)

 

(22.7)

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R&D credit

 

1.7

 

4.4

 

1.8

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Effective income tax rate

 

2.8

%  

12.6

%  

5.4

%