v3.25.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Schedule of Net Loss for the Years

Net loss for the years ended December 31, 2024 and 2023, was as follows:

 

   December 31, 
   2024   2023 
Domestic  $(41,380,390)  $(9,557,067)
Foreign   (6,167,378)   (6,081,522)
Net Loss  $(47,547,768)  $(15,638,589)
Schedule of Provision for Income Taxes

Provision for income taxes for the years ended December 31, 2024 and 2023, consisted of the following:

 

   December 31, 
   2024   2023 
Current tax provision  $-   $- 
Federal   
 
    
 
 
State and local   15,325    7,141 
Foreign   
-
    67,356 
Total current tax provision   15,325    74,497 
Deferred tax provision Federal   
-
    
-
 
State and local   
-
    
-
 
Foreign   
-
    
-
 
Total deferred tax provision   
-
    
-
 
           
Total provision for income taxes  $15,325   $74,497 
Schedule of Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) consist of the following:

 

   2024   2023 
Deferred tax assets        
Stock options issued for services  $1,160,726   $135,604 
Net Operating Loss Carryforwards   35,154,469    27,783,834 
Section 174 Expenditures   2,483,764    1,243,418 
R&D Tax Credits   6,818,064    6,406,470 
Interest carryforward   954,073    
-
 
Other   481,565    469,896 
Total gross deferred tax assets   47,052,660    36,039,222 
Less Valuation Allowance   (47,011,175)   (35,566,934)
Net deferred tax assets  $41,485   $472,288 
           
Deferred tax liabilities          
Fixed Assets   
-
   $101,757 
Right of Use Asset   (25,298)   (113,698)
Amortization   
-
    13,080 
Unrealized Fx gain (loss)   (776)   (473,427)
Other   (15,411)   
-
 
Total gross deferred tax liabilities   (41,485)  $(472,288)
           
Net deferred tax liabilities  $
-
   $
-
 
Schedule of Federal Statutory Income Tax Rate to Our Effective Income Tax Rate

The reconciliation of federal statutory income tax rate to our effective income tax rate is as follows for the years ended December 31: 

 

   2024   2023 
Federal income tax at the Statutory Rate   21.00%   21.00%
Earnout-Share Liability     (6.87)%     
Permanent Items   (1.26)%   (0.21)%
Foreign   0.52%   7.80%
State Taxes   0.27%   24.10%
Return to Provision   (0.01)%   0.09%
Other   0.69%   6.79%
Change in valuation allowance   (14.34)%   (60.27)%
Total tax benefit   
-
%   
-
%