Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Income Taxes [Abstract] |
|
| Schedule of Loss Before Income Taxes |
The components of loss before income taxes are as follows:
| | |
For the Years Ended
December 31, | |
| | |
2024 | | |
2023 | |
| U.S. | |
$ | (58,988,309 | ) | |
$ | (37,106,599 | ) |
| Foreign | |
| (747,894 | ) | |
| (315,688 | ) |
| Total loss before income taxes | |
$ | (59,736,203 | ) | |
$ | (37,422,287 | ) |
|
| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of the temporary differences and
carryforwards that give rise to deferred tax assets and liabilities consist of the following:
| | |
As of
December 31, | |
| | |
2024 | | |
2023 | |
| Deferred tax assets: | |
| | |
| |
| Net-operating loss carryforward | |
$ | 13,309,416 | | |
$ | 10,214,760 | |
| Intangibles | |
| 3,887,855 | | |
| 3,349,919 | |
| Capitalized research and development | |
| 1,001,916 | | |
| 1,171,320 | |
| Stock-based compensation | |
| 645,113 | | |
| 690,760 | |
| Deposit on WraSer APA | |
| 854,896 | | |
| 854,896 | |
| Accrued compensation | |
| 55,193 | | |
| 150,099 | |
| License agreement | |
| 45,493 | | |
| 49,157 | |
| Other | |
| 667,065 | | |
| 520,207 | |
| Gross deferred tax assets | |
| 20,466,947 | | |
| 17,001,118 | |
| Valuation allowance | |
| (20,441,833 | ) | |
| (15,697,701 | ) |
| Deferred tax assets, net of allowance | |
$ | 25,114 | | |
$ | 1,303,417 | |
| Deferred tax liabilities: | |
| | | |
| | |
| Intangible assets | |
| - | | |
| (4,345,449 | ) |
| Fixed assets | |
| (1,378 | ) | |
| (2,560 | ) |
| Other | |
| (23,736 | ) | |
| (29,189 | ) |
| Total deferred tax liabilities | |
$ | (25,114 | ) | |
$ | (4,377,198 | ) |
| Net deferred tax liability | |
$ | - | | |
$ | (3,073,781 | ) |
|
| Schedule of Income Taxes on Earnings Subject to Income Taxes Differs from the Statutory Federal Rate |
The provision for income taxes on earnings subject
to income taxes differs from the statutory Federal rate at December 31, 2024 and 2023, due to the following:
| | |
For the Years Ended | |
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Expected income tax benefit at Federal statutory tax rate | |
$ | (12,488,416 | ) | |
$ | (7,858,680 | ) |
| State and local taxes, net of Federal tax benefit | |
| (339,155 | ) | |
| (1,192,605 | ) |
| Research credits | |
| (37,810 | ) | |
| — | |
| Foreign NOL expirations | |
| — | | |
| 315,927 | |
| Stock-based compensation | |
| 29,088 | | |
| 196,025 | |
| Subscription agreement liability | |
| 684,390 | | |
| 181,440 | |
| Officer’s compensation | |
| — | | |
| (126,337 | ) |
| Acquisition related costs | |
| 10,500 | | |
| 164,073 | |
| Goodwill Impairment | |
| 6,792,870 | | |
| — | |
| Permanent items | |
| (244,395 | ) | |
| 55,486 | |
| State rate adjustment | |
| — | | |
| (23,135 | ) |
| Foreign rate differential | |
| 7,205 | | |
| — | |
| Currency translation adjustment | |
| 49,773 | | |
| — | |
| Other | |
| (253,362 | ) | |
| 60,599 | |
| Change in valuation allowance | |
| 4,744,132 | | |
| 8,214,614 | |
| Income tax benefit | |
$ | (1,045,180 | ) | |
$ | (12,593 | ) |
|
| Schedule of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized
tax benefits is as follows:
| | |
For the Years Ended
December 31, | |
| | |
2024 | | |
2023 | |
| Beginning balance | |
$ | 17,010 | | |
$ | 17,010 | |
| Increases related to prior year tax positions | |
| — | | |
| — | |
| Increases related to current year tax positions | |
| 9,452 | | |
| — | |
| Ending balance | |
$ | 26,462 | | |
$ | 17,010 | |
|