Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Income Taxes [Abstract] |
|
| Schedule of Net Loss |
Net loss for the years ended December
31, 2025 and 2024, was as follows:
| | |
December 31, | |
| | |
2025 | | |
2024 | |
| Domestic | |
$ | (4,168,630 | ) | |
$ | (41,380,390 | ) |
| Foreign | |
| (2,491,408 | ) | |
| (6,167,378 | ) |
| Net Loss | |
$ | (6,660,038 | ) | |
$ | (47,547,768 | ) |
|
| Schedule of Provision for Income Taxes |
Provision for income taxes for
the years ended December 31, 2025 and 2024, consisted of the following:
| | |
December 31, | |
| | |
2025 | | |
2024 | |
| Current tax provision | |
$ | - | | |
$ | - | |
| Federal | |
| | | |
| | |
| State and local | |
| 670 | | |
| 15,325 | |
| Foreign | |
| - | | |
| - | |
| Total current tax provision | |
| 670 | | |
| 15,325 | |
| Deferred tax provision Federal | |
| - | | |
| - | |
| State and local | |
| - | | |
| - | |
| Foreign | |
| - | | |
| - | |
| Total deferred tax provision | |
| - | | |
| - | |
| | |
| | | |
| | |
| Total provision for income taxes | |
$ | 670 | | |
$ | 15,325 | |
|
| Schedule of Deferred Tax Assets (Liabilities) |
Deferred tax assets (liabilities) consist
of the following:
| | |
December 31, | |
| | |
2025 | | |
2024 | |
| Deferred tax assets | |
| | |
| |
| Stock options issued for services | |
$ | 1,324,167 | | |
$ | 1,160,726 | |
| Net Operating Loss Carryforwards | |
| 38,426,844 | | |
| 35,154,469 | |
| Section 174 Expenditures | |
| 2,893,510 | | |
| 2,483,764 | |
| R&D Tax Credits | |
| 6,775,130 | | |
| 6,818,064 | |
| Interest carryforward | |
| - | | |
| 954,073 | |
| Other | |
| 489,297 | | |
| 481,565 | |
| Total gross deferred tax assets | |
| 49,908,948 | | |
| 47,052,660 | |
| Less Valuation Allowance | |
| (49,908,948 | ) | |
| (47,011,175 | ) |
| Net deferred tax assets | |
$ | - | | |
$ | 41,485 | |
| | |
| | | |
| | |
| Deferred tax liabilities | |
| | | |
| | |
| Right of Use Asset | |
| - | | |
| (25,298 | ) |
| Unrealized Fx gain (loss) | |
| - | | |
| (776 | ) |
| Other | |
| - | | |
| (15,411 | ) |
| Total gross deferred tax liabilities | |
$ | - | | |
$ | (41,485 | ) |
| | |
| | | |
| | |
| Net deferred tax liabilities | |
$ | - | | |
$ | - | |
|
| Schedule of Effective Income Tax Rate |
A reconciliation of
the U.S. federal statutory income tax rate to our effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the years
ended December 31, 2025 and 2024 is as follows (in millions, except percentages):
| | |
Year ended December 31, | |
| | |
2025 | | |
2024 | |
| Federal income tax at the Statutory Rate | |
$ | (1,365,016 | ) | |
| 21 | % | |
$ | (9,983,550 | ) | |
| 21 | % |
| Earnout-Share Liability | |
| (2,733,444 | ) | |
| 42 | % | |
| 3,267,600 | | |
| -7 | % |
| Permanent Items | |
| - | | |
| - | | |
| 601,187 | | |
| -1 | % |
| Foreign | |
| 814,835 | | |
| -13 | % | |
| -249,400 | | |
| 1 | % |
| State Taxes | |
| 462,099 | | |
| -7 | % | |
| -128,873 | | |
| 0 | % |
| Return to Provision | |
| - | | |
| - | | |
| 6,128 | | |
| 0 | % |
| Other | |
| (504,001 | ) | |
| 8 | % | |
| (314,779 | ) | |
| 1 | % |
| Change in valuation allowance | |
| 3,326,197 | | |
| -51 | % | |
| 6,817,012 | | |
| -14 | % |
| Total tax (benefit) expense | |
$ | 670 | | |
| 0 | % | |
$ | 15,325 | | |
| - | |
|