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:
Schedule
of Provision for Income Taxes
| | |
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:
Schedule
of Deferred Tax Assets
| | |
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:
Schedule
of Pre-tax Loss
| | |
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 | |
|