Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of U.S. and foreign components of loss before income taxes |
| |
|
For the Years Ended |
| |
|
December 31, |
| |
|
2025 |
|
2024 |
| United States |
|
$ |
(30,185,412 |
) |
|
$ |
(14,233,270 |
) |
| Foreign |
|
|
(4,974,755 |
) |
|
|
(8,768,164 |
) |
| Loss before income taxes |
|
$ |
(35,160,167 |
) |
|
$ |
(23,001,434 |
) |
|
| Schedule of income tax provision (benefit) |
| |
|
For the Years Ended |
| |
|
December 31, |
| |
|
2025 |
|
2024 |
| Federal |
|
|
|
|
| Current |
|
$ |
- |
|
|
$ |
- |
|
| Deferred |
|
|
(3,321,211 |
) |
|
|
(2,232,964 |
) |
| State and local: |
|
|
|
|
|
|
|
|
| Current |
|
|
- |
|
|
|
- |
|
| Deferred |
|
|
- |
|
|
|
- |
|
| Foreign |
|
|
|
|
|
|
|
|
| Current |
|
|
- |
|
|
|
- |
|
| Deferred |
|
|
(1,002,566 |
) |
|
|
(592,060 |
) |
| |
|
|
(4,323,777 |
) |
|
|
(2,825,024 |
) |
| Change in valuation allowance |
|
|
3,787,114 |
|
|
|
2,399,607 |
|
| Income tax provision (benefit) |
|
$ |
(536,663 |
) |
|
$ |
(425,417 |
) |
|
| Schedule of reconciliation of the expected tax expense (benefit) based on U.S. federal statutory rates |
The reconciliation, in percentage terms, of the expected tax expense (benefit) based on the U.S. federal statutory rates for 2025 and 2024, respectively, with the actual expense is as follows:
| |
|
For the Years Ended |
| |
|
December 31, |
| |
|
2025 |
|
2024 |
| U.S. Federal statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
| State taxes, net of federal benefit |
|
|
0.0 |
% |
|
|
0.0 |
% |
| Permanent differences |
|
|
(1.52 |
)% |
|
|
(6.47 |
)% |
| Untaxed foreign jurisdictions |
|
|
0.0 |
% |
|
|
0.0 |
% |
| Foreign rate differential |
|
|
(0.22 |
)% |
|
|
(1.40 |
)% |
| Change in deferred taxes |
|
|
(6.84 |
)% |
|
|
(0.85 |
)% |
| Rate change impact |
|
|
0.0 |
% |
|
|
0.0 |
% |
| Change in valuation allowance |
|
|
(10.82 |
)% |
|
|
(10.43 |
)% |
| Other |
|
|
(0.06 |
)% |
|
|
0.0 |
% |
| Total |
|
|
1.54 |
% |
|
|
1.85 |
% |
The reconciliation, in dollars, of the expected tax expense (benefit) based on the U.S. federal statutory rates for 2025 and 2024, respectively, with the actual expense is as follows:
| |
|
For the Years Ended |
| |
|
December 31, |
| |
|
2025 |
|
2024 |
| U.S. Federal statutory rate |
|
$ |
(7,347,053 |
) |
|
$ |
(4,830,301 |
) |
| State taxes, net of federal benefit |
|
|
- |
|
|
|
- |
|
| Permanent differences |
|
|
531,767 |
|
|
|
1,487,055 |
|
| Untaxed foreign jurisdictions |
|
|
- |
|
|
|
- |
|
| Foreign rate differential |
|
|
78,170 |
|
|
|
322,769 |
|
| Change in deferred taxes |
|
|
2,391,482 |
|
|
|
195,069 |
|
| Rate change impact |
|
|
- |
|
|
|
- |
|
| Change in valuation allowance |
|
|
3,787,114 |
|
|
|
2,399,607 |
|
| Other |
|
|
21,857 |
|
|
|
384 |
|
| Total |
|
$ |
(536,663 |
) |
|
$ |
(425,417 |
) |
|
| Schedule of tax effects of temporary differences that give rise to deferred tax assets |
| |
|
As of |
| |
|
December 31, |
| |
|
2025 |
|
2024 |
| Deferred Tax Assets: |
|
|
|
|
|
|
|
|
| Net operating loss carryforwards |
|
$ |
22,497,962 |
|
|
$ |
18,595,928 |
|
| Capital loss carryforward |
|
|
1,050,000 |
|
|
|
2,933,681 |
|
| Investment |
|
|
679,707 |
|
|
|
- |
|
| Stock-based compensation |
|
|
731,305 |
|
|
|
714,899 |
|
| Property and equipment |
|
|
2,123,535 |
|
|
|
1,704,122 |
|
| Accruals and other |
|
|
829,049 |
|
|
|
401,816 |
|
| Gross deferred tax assets |
|
|
27,911,558 |
|
|
|
24,350,446 |
|
| Valuation Allowance |
|
|
(27,583,153 |
) |
|
|
(23,796,039 |
) |
| Deferred tax assets, net of valuation allowance |
|
|
328,405 |
|
|
|
554,407 |
|
| Deferred Tax Liabilities: |
|
|
|
|
|
|
|
|
| Property and equipment |
|
|
- |
|
|
|
- |
|
| Other DTL |
|
|
(462,485 |
) |
|
|
(1,225,150 |
) |
| Deferred Tax Liabilities |
|
|
(462,485 |
) |
|
|
(1,225,150 |
) |
| Deferred tax assets (liabilities), net |
|
$ |
(134,080 |
) |
|
$ |
(670,743 |
) |
|