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 | |
$ | - | | |
$ | - | |
|