Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Income Taxes [Abstract] |
|
| Schedule of Income Tax Provision |
Income (loss) before income taxes consists of:
| | |
For the Years Ended December
31, | |
| | |
2025 | | |
2024 | |
| Domestic | |
$ | (37,841,287 | ) | |
$ | (21,278,239 | ) |
| Foreign | |
| 1,123,216 | | |
| (258,610 | ) |
| Income before taxes | |
$ | (36,718,071 | ) | |
$ | (21,536,849 | ) |
| | |
For the Years Ended December
31, | |
| | |
2025 | | |
2024 | |
| Current provision | |
| | | |
| | |
| Federal | |
$ | - | | |
$ | - | |
| State | |
| - | | |
| 581 | |
| Foreign | |
| - | | |
| - | |
| Current provision for income taxes | |
$ | - | | |
$ | 581 | |
| | |
| | | |
| | |
| Deferred provision | |
| | | |
| | |
| Federal | |
$ | 124,223 | | |
$ | (4,045,818 | ) |
| State | |
| (275,872 | ) | |
| (105,464 | ) |
| Foreign | |
| 10,338 | | |
| (10,338 | ) |
| Change in valuation allowance | |
| 141,311 | | |
| 4,161,621 | |
| Deferred provision for income taxes | |
$ | - | | |
$ | - | |
| Total provision for income taxes | |
$ | - | | |
$ | 581 | |
|
| Schedule of Reconciles the U.S. Federal Statutory Tax |
The following table presents required disclosure pursuant to ASU No. 2023-09 and reconciles the U.S. federal statutory tax amount and
rate to our actual global effective amount and rate for the year ended December 31, 2025:
| | |
For the Year Ended December
31, 2025 | |
| | |
Amount | | |
Percent | |
| U.S. federal statutory tax rate | |
$ | (7,710,795 | ) | |
| (21.0 | )% |
| State income taxes, net of federal income tax effect | |
| (282,645 | ) | |
| (0.8 | ) |
| Foreign tax effects | |
| | | |
| | |
| Puerto Rico | |
| | | |
| | |
| Statutory tax rate difference between Puerto Rico and United States | |
| (247,107 | ) | |
| (0.6 | ) |
| Changes in valuation allowance | |
| (10,338 | ) | |
| - | |
| Effect of cross-border tax laws | |
| | | |
| | |
| Global intangible low-tax income | |
| 22,250 | | |
| 0.1 | |
| Changes in valuation allowance | |
| 151,649 | | |
| 0.4 | |
| Nontaxable or nondeductible items | |
| | | |
| | |
| Change in Fair Value of SAFE agreements | |
| 3,647,367 | | |
| 9.9 | |
| Transaction costs | |
| 548,015 | | |
| 1.5 | |
| Loss on extinguishment of debt | |
| 1,202,942 | | |
| 3.3 | |
| Deferred tax true-ups | |
| 2,551,581 | | |
| 6.9 | |
| Other adjustments | |
| | | |
| | |
| Other | |
| 127,081 | | |
| 0.3 | |
| Effective tax rate | |
$ | - | | |
| 0.0 | % |
|
| Schedule of Company’s Deferred Tax Assets |
Significant components of the Company’s deferred tax assets
are as follows for the year ended December 31, 2025:
| | |
December 31, 2025 | |
| Deferred tax assets: | |
| |
| Research and development tax credits | |
$ | 262,178 | |
| Lease liabilities | |
| 65,554 | |
| Net operating losses | |
| 3,310,890 | |
| Other | |
| 1,367,374 | |
| Total deferred tax assets | |
$ | 5,005,996 | |
| | |
| | |
| Deferred tax liabilities: | |
| | |
| Right of use asset | |
| (60,330 | ) |
| Total deferred tax liabilities | |
| (60,330 | ) |
| Valuation allowance | |
| (4,945,666 | ) |
| Net deferred tax assets | |
$ | - | |
Significant components of the Company’s deferred tax assets
are as follows for the year ended December 31, 2024:
| | |
December 31,
2024 | |
| Deferred tax asset (liability): | |
| | |
| Accrual to cash adjustment | |
$ | 729,287 | |
| Charitable contributions | |
| 1,618 | |
| Change in fair value of SAFE agreements | |
| 3,106,508 | |
| R&D expenditures | |
| 359,433 | |
| R&D tax credit carryovers | |
| 239,142 | |
| Right-of-use asset | |
| (65,999 | ) |
| Lease liability | |
| 56,893 | |
| Stock options | |
| 55,481 | |
| Federal net operating loss carryforwards | |
| 304,628 | |
| Foreign net operating loss carryforwards | |
| 10,338 | |
| State net operating loss carryforwards | |
| 7,028 | |
| Valuation allowance | |
| (4,804,357 | ) |
| Net deferred taxes | |
$ | - | |
|