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

Income tax expense (benefit) consisted of the following:

 

   2025  2024
Current taxes:          
Federal  (105,205)  $ -   
State   -      -   
Deferred taxes:          
Federal        -   
State   -      -   
Income Tax Expense (Benefit)  $(105,205)  $-   
Schedule of Reconciliation of the Federal Statutory Tax Rate to the Effective Tax Rate

 

   Year Ended December 31, 
   2025  
U.S. federal statutory income tax rate   (1,950,074)   21.00%
State, net of federal tax benefit   (648,502)   6.98%
Nontaxable or nondeductible items          
Stock options   325,060    -3.50%
Equity based award vestings   (1,618)   0.02%
Meals & entertainment   4,602    -0.05%
Other state adjustments   107,971    -1.16%
Changes in valuation allowances   2,057,356    -22.16%
Effective rate   (105,205)   1.13%

 

 

A reconciliation of the federal statutory tax rate to the effective tax rate for the year ended December 31, 2024 is as follows:

 

   Year Ended December 31,   Year Ended December 31, 
   2024   2023 
U.S. federal statutory income tax rate   (1,230,880)   21.00%   (419,185)   21.00%
State, net of federal tax benefit   (409,332)   6.98%   (118,270)   5.93%
Permanent differences   235,127    -4.01%   8,069    -0.40%
Return-to-provision adjustments   (236)   0.00%   (155,781)   7.80%
Other   264,819    -4.52%   (59,308)   2.97%
Valuation allowance   1,140,502    -19.46%   786,743    -39.41%
Income tax expense   -    0.00%   42,267    -2.12%
Schedule of Significant Components of the Deferred Tax Assets and Liabilities

Significant components of the deferred tax assets and liabilities were as follows:

 

   2025   2024 
   Year Ended December 31, 
   2025   2024 
Deferred tax assets:          
Start-up expenditures   13,313    14,792 
Sec 174 - Research & development costs   0    1,538,557 
Charitable Contribution   5,119    - 
Lease liability   347,902    388,085 
Investment Securities   43,437    43,437 
Warrants   67,366    67,366 
Bonus expense   198,344    188,820 
Net operating loss carryforwards   4,876,812    1,306,652 
Valuation allowance   (5,123,316)   (3,065,959)
Total deferred tax assets   428,977    481,750 
Deferred tax liabilities:          
Right-of-use asset   (325,260)   (372,623)
Property and equipment principally due to differences in depreciation   (103,717)   (109,127)
Total deferred tax liabilities   (428,977)   (481,750)
Net deferred tax assets/(liabilities)   -    - 

 

 

Net deferred tax assets and liabilities were classified on the consolidated balance sheets as follows:

 

   2025   2024 
   Year Ended December 31, 
   2025   2024 
Deferred tax assets   428,977    481,750 
Deferred tax liabilities   (428,977)   (481,750)
Other noncurrent assets/(liabilities)   -    -