| Schedule of Reconciliation Income Tax Provision |
A reconciliation between the expected income tax
provision at the federal statutory rate and the reported income tax provision is approximately as follows:
| | |
2024 | | |
2023 | |
| Federal income tax at statutory rate | |
$ | (1,745,000 | ) | |
$ | (1,565,000 | ) |
| State income tax, net of federal benefit | |
| (580,000 | ) | |
| (520,000 | ) |
| Permanent differences | |
| (1,358,000 | ) | |
| (75,000 | ) |
| Tax credits generated in current year, net of utilized | |
| (408,000 | ) | |
| (171,000 | ) |
| Other | |
| 51,000 | | |
| (2,102,000 | ) |
| Change in valuation allowance | |
| 4,040,000 | | |
| 4,433,000 | |
| Total | |
$ | - | | |
$ | - | |
|
| Schedule of Net Deferred Tax Assets |
The approximate components of the net deferred
tax assets as of December 31, 2024 and 2023 were as follows:
| | |
2024 | | |
2023 | |
| Net operating loss carryforwards | |
$ | 12,227,000 | | |
$ | 9,067,000 | |
| Section 174 research and development capitalization | |
| 2,999,000 | | |
| 2,490,000 | |
| Research credits | |
| 1,943,000 | | |
| 1,535,000 | |
| Fixed assets and intangible assets | |
| 403,000 | | |
| 401,000 | |
| Right of use asset | |
| (410,000 | ) | |
| (613,000 | ) |
| Lease liability, net | |
| 251,000 | | |
| 657,000 | |
| Accruals and others | |
| 230,000 | | |
| 66,000 | |
| | |
| 17,643,000 | | |
| 13,603,000 | |
| Less: valuation allowance | |
| (17,643,000 | ) | |
| (13,603,000 | ) |
| Net deferred tax assets | |
$ | - | | |
$ | - | |
|
| Schedule of Liability for Uncertain Tax Positions |
A reconciliation of the beginning
and ending amount of the liability for uncertain tax positions, excluding potential interest and penalties, is as follows:
| Balance as of December 31, 2023 | |
$ | 459,000 | |
| Increase/(decrease) based on current year tax positions | |
| 79,000 | |
| Increase/(decrease) for prior year tax positions | |
| - | |
| Lapses of applicable statutes | |
| - | |
| Balance as of December 31, 2024 | |
$ | 538,000 | |
|