General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.23.2
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Income Taxes (Tables) [Line Items]    
Schedule of federal income tax rate The table below reconciles these effective tax rates with the U.S. federal statutory income tax rate as follows:
    Year Ended
December 31,		  
    2022     2021  
Income (loss) before income taxes   $ (28,260,571 )   $ (15,127,629 )
Tax at Federal Statutory Rate     (5,934,720 )     (3,176,802 )
Federal Return to Accrual    
—
      
—
  
Non deductible expenses     193,421       1,754,071  
Change in valuation allowance     5,741,299       1,422,731  
Income tax expense    
—
      
—
  
      0.00 %     0.00 %
 
Schedule of income tax expense consisted The income tax expense consisted of the following:
    Year Ended
December 31,		  
    2022     2021  
Current income taxes:            
Federal   $
          —
     $
          —
  
State and local    
—
      
—
  
Total current tax    
—
      
—
  
                 
Deferred income taxes:                
Federal    
—
      
—
  
State and local    
—
      
—
  
Total deferred tax    
—
      
—
  
Income tax expense   $
—
     $
—
  

 

  
Schedule of deferred tax position reflects the net tax effects of the temporary The Company’s deferred tax position reflects the net tax effects
    Year Ended
December 31,		  
    2022     2021  
Deferred tax assets:            
Fixed Assets   $ 113,135     $ 103,863  
Stock Compensation     758,306       211,849  
Warrant Liability Gain/Loss     1,356,828      
—
  
Net Operating Losses     9,666,591       6,262,113  
Business Credit Carryforward     1,426,116       1,426,117  
Capitalized R & D     449,626      
—
  
Other assets     109,616       13,634  
Total deferred tax assets     13,880,218       8,017,576  
                 
Deferred tax liabilities:                
Unrealized F/X     (54,729 )    
—
  
Other Liabilities     (66,614 )    
—
  
Total deferred tax liabilities     (121,343 )    
—
  
                 
Valuation allowance     (13,758,875 )     (8,017,576 )
Net deferred tax assets   $
—
     $
—
  
 
CleanTech Acquisition Corp [Member]    
Income Taxes (Tables) [Line Items]    
Schedule of net deferred tax assets (liabilities)   The Company’s net deferred tax assets (liabilities) as of December 31, 2021 is as follows:
Deferred tax assets:      
Start-up costs   $ 252,290  
Net operating loss carryforwards     20,412  
Total deferred tax assets     272,702  
Valuation allowance     (271,562 )
Deferred tax liabilities:        
Unrealized gain on investments     (1,140 )
Total deferred tax liabilities     (1,140 )
Deferred tax assets, net of allowance   $
—
  
Schedule income tax provision   The income tax provision for the year ended December 31, 2021 consists of the following:
Federal      
Current   $
—
  
Deferred     (271,562 )
         
State        
Current    
—
  
Deferred    
—
  
Change in valuation allowance     271,562  
Income tax provision   $
—
  
Schedule of federal income tax rate   A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2021 is as follows:
Statutory federal income tax rate     21.0 %
State taxes, net of federal tax benefit     0.0 %
Change in fair value of derivative warrant liabilities     61.1 %
Non-deductible transaction costs     (8.8 )%
Change in valuation allowance     (73.3 )%
Income tax provision     0.0 %