v3.25.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
SCHEDULE OF NET DEFERRED TAX ASSETS AND LIABILITIES

The Company’s net deferred tax assets, liabilities and valuation allowance as of December 31, 2024 and 2023 are summarized as follows:

 

   2024   2023 
   December 31, 
   2024   2023 
Deferred Tax Assets:          
Net operating loss carryforwards  $18,004,100   $14,311,000 
Stock-based compensation   8,695,100    15,788,000 
Research and development costs   2,694,200    1,676,000 
Research and development credits   330,000    330,000 
Right-of-use assets   -    25,000 
Other   600    4,000 
Total Deferred Tax Assets   29,724,000    32,134,000 
           
Deferred Tax Liabilities:          
Depreciation   (153,200)   (122,000)
Intangible assets   (41,700)   (47,000)
Lease liability   -    (39,000)
Other   (95,000)   (86,000)
Total Deferred Tax Liabilities   (289,900)   (294,000)
           
Net Deferred Tax Asset   29,434,100    31,840,000 
Less: valuation allowance  $(29,434,100)  $(31,840,000)
Deferred Tax Asset, Net of Valuation Allowance  $-   $- 
Change in valuation allowance  $2,405,900  $(4,064,000)
SCHEDULE OF INCOME TAX PROVISION (BENEFIT)

The income tax provision (benefit) as of December 31, 2024 and 2023 consists of the following:

  

   2024   2023 
   December 31, 
   2024   2023 
        
Federal:        
Current  $-   $- 
Deferred   3,567,000   (3,090,000)
           
State & Local:          
Current   -    - 
Deferred   (1,161,100)   (974,000)
Total   2,405,900   (4,064,000)
Change in valuation allowance   (2,405,900)   4,064,000 
Income tax provision (benefit)  $-   $- 
SCHEDULE OF STATUTORY FEDERAL INCOME TAX RATE

A reconciliation of the statutory federal income tax benefit to actual tax benefit for the years ended December 31, 2024 and 2023 is as follows:

 

   2024   2023 
   December 31, 
   2024   2023 
        
Federal statutory rate   21.0%   21.0%
State tax, net of valuation allowance   0.0%   1.7%
Permanent differences   1.0%   7.2%
Tax return to provision adjustment   0.4%   -0.2%
Change in federal valuation allowance   39.7%   -29.7%
Adjustment for stock-based compensation   

-62.1

%   -%
Effective tax rate   0.0%   0.0%