| Schedule of Deferred Tax Assets |
Significant components of the Company’s deferred tax assets as
of December 31, 2025, and 2024 are summarized below.
| | |
Year Ended December 31, | |
| | |
2025 | | |
2024 | |
| Deferred tax assets: | |
| | |
| |
| Amortization | |
$ | 148,000 | | |
$ | - | |
| Research & development costs | |
| 4,286,000 | | |
| 2,917,000 | |
| Warrant liabilities | |
| 11,000 | | |
| 40,000 | |
| Stock-based compensation | |
| 345,000 | | |
| 307,000 | |
| Net operating loss carryforwards | |
| 11,025,000 | | |
| 8,126,000 | |
| Federal R&D tax credit | |
| 368,000 | | |
| 419,000 | |
| Total deferred tax assets | |
| 16,183,000 | | |
| 11,809,000 | |
| Deferred tax liabilities: | |
| | | |
| | |
| Amortization | |
| - | | |
| (83,000 | ) |
| Depreciation | |
| - | | |
| (28,000 | ) |
| Net deferred tax assets | |
| 16,183,000 | | |
| 11,698,000 | |
| Valuation allowance | |
| (16,183,000 | ) | |
| (11,698,000 | ) |
| | |
$ | - | | |
$ | - | |
|
| Schedule of Reconciliation of the Federal Income Tax Rate |
A reconciliation of the federal income tax rate to the Company’s
effective tax rate at December 31, 2025, and 2024 is as follows:
| | |
December 31, | |
| | |
2025 | | |
2024 | |
| | |
| | |
| |
| Statutory federal income tax rate | |
| 21.00 | % | |
| 21.00 | % |
| State taxes, net of federal tax benefit | |
| 0.00 | % | |
| -0.10 | % |
| Stock-based compensation | |
| -0.10 | % | |
| -0.60 | % |
| Return to provision adjustment | |
| 0.20 | % | |
| 0.20 | % |
| Permanent items | |
| 0.00 | % | |
| 0.00 | % |
| R&D credit generated | |
| -0.30 | % | |
| 1.70 | % |
| Other | |
| 0.50 | % | |
| 0.00 | % |
| Change in valuation allowance | |
| -19.80 | % | |
| -22.30 | % |
| Income tax provision | |
| 1.50 | % | |
| -0.10 | % |
|