v3.26.1
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    
-