v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes

A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate to the loss from operations for the years ended December 31, 2025 and 2024 is as follows:

 

   Year Ended
December 31, 2025
   Year Ended
December 31, 2024
 
         
Expected income tax benefit computed at the statutory rate  $(8,236,924)  $(6,039,482)
State income tax benefit, net of federal benefit, net of valuation allowance   -    - 
Foreign rate differential   10,044    45,967 
Foreign losses not benefited   84,263    385,628 
Tax effect of:          
Change in valuation allowance   9,442,422    7,746,966 
Change in fair value of derivative liability   -    - 
Other permanent items and tax credits   (3,328,393)   (1,676,951)
Other non-deductible expenses   2,066,312    (421,091)
Provision for income taxes  $37,724   $41,037 
Schedule of Deferred Tax Assets

Net deferred tax assets are comprised of the following as of December 31, 2025 and 2024:

 

   December 31, 2025   December 31, 2024 
         
Net operating losses  $15,937,614   $6,708,668 
Foreign tax credits   172,102    139,978 
Federal & state research credit carryforwards   16,186    - 
Federal & state research credit carryforwards   4,959,544    2,530,635 
Stock-based compensation   1,128,104    775,253 
Amortization of capitalized research and development   3,027,057    5,599,397 
Depreciation   20,960    10,623 
Lease   29,672    - 
Valuation allowance   (25,291,239)   (15,764,554)
Net deferred tax assets  $-   $- 
Schedule of Pre-tax Loss

For the years ended December 31, 2025 and 2024, domestic and foreign pre-tax losses were as follow:

  

   December 31, 2025   December 31, 2024 
         
Loss before income taxes - Domestic  $29,101,560   $20,114,816 
Loss before income taxes – Foreign   299,329    1,542,510 
Loss before income taxes - Consolidated  $29,400,889   $21,657,326