Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

The components of total loss before income taxes are as follows:

A reconciliation of the Company's effective tax rate to the statutory federal income tax rate is as follows:


	Year ended December 31, 2025
Income tax at Cayman Islands statutory rate	$	—	—	%
Domestic state and local income taxes, net of federal effect	—		—	%
Foreign Tax Effects	—		—	%
United States
Statutory rate difference between Cayman and U.S.	(5,620,984)		21.0	%
Local taxes at a rate different than the statutory rate	(1,190,853)		4.5	%
Changes in valuation allowances	6,029,335		(22.6)	%
Non-deductible transaction related costs	380,731		(1.4)	%
Non-deductible stock compensation	316,464		(1.2)	%
Other non-deductible	85,307		(0.3)	%
Effective tax rate	$	—	—	%

The components of deferred tax assets and liabilities consisted of the following:


	Year Ended December 31, 2025
Deferred tax assets:
Federal net operating loss carryforwards	$	4,209,408
State net operating loss carryforwards	1,026,902
Reserves and accruals	364,571
Stock-based compensation	511,112

Total deferred tax assets	6,111,993
Valuation allowance	(6,029,335)
Net total deferred tax assets	$	82,658

Deferred tax liabilities:
Depreciation and amortization	(52,064)
Other	(30,594)
Total deferred tax liabilities	$	(82,658)

Net deferred tax assets	$	—