Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Tax (Benefit)/Provision

The Company’s income tax (benefit)/provision is as follows for the years ended December 31, 2024 and 2023:

 

    2024     2023  
Current   $ -     $ -  
Deferred     (5,446,000 )      4,129,000  
Change in Valuation Allowance     5,446,000       (4,129,000 )
Income Tax Benefit   $ -     $ -  
Schedule of Reconciliation of Income Tax Rate and Benefit from Income Taxes

The reconciliation of income taxes using the statutory U.S. income tax rate and the benefit from income taxes for the years ended December 31, 2024 and 2023 are as follows:

 

    2024     2023  
             
Statutory U.S. Federal Income Tax Rate     (21.0 )%     (21.0 )%
State income taxes, net of U.S. Federal tax effect     (7.5 )%     45.5 %
Adjustment to deferred tax assets     2.9 %     82.8 %
Tax credits     (1.6 )%     - %
Non-deductible expenses    

3.9

%    

-

%
Change in Valuation Allowance     23.3 %     (107.3 )%
Net     0.0 %     0.0 %
Schedule of Deferred Tax Assets and Related Valuation Allowances

The principal components of the deferred tax assets and liabilities, and related valuation allowances as of December 31, 2024 and 2023 are as follows:

 

    2024     2023  
             
Reserves and other   $ 731,000     $ 796,000  
Net operating loss carry-forwards     27,869,000       26,494,000  
Capitalized research and development     3,894,000       3,946,000  
Research and development tax credit     2,205,000       1,326,000  
Share-based compensation     1,430,000       1,108,000  
Warrant liability     -       (2,860,000 )
Derivative liability     -       (688,000 )
Valuation Allowance     (36,129,000 )      (30,122,000 )
Net deferred tax asset   $ -     $ -