v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes [Abstract]  
Schedule of Provision (Benefit) at Stator Rates for Income Taxes

The Company’s provision (benefit) at statutory rates for income taxes consists of the following for the year ended December 31, 2025 and 2024:

 

    2025     2024  
Deferred:            
Federal   $ (3,144,400 )   $ (4,070,218 )
State and local     (583,960 )     (852,357 )
Total deferred     (3,728,361 )     (4,922,575 )
Total provision (benefit) for income taxes     (3,728,361 )     (4,922,575 )
Less: valuation allowance    

3,728,361

      4,922,575  
Income tax provision   $ -     $ -  
Schedule of Effective Rate for Income from Operations Before Income Taxes

A reconciliation of the federal statutory rate to 0.0% for the year ended December 31, 2025 and 2024 to the effective rate for income from operations before income taxes is as follows:    

 

    2025     2024  
                         
Benefit for income taxes at federal statutory rate   $ (3,952,240 )     (21.0) %   $ (4,129,516 )     (21.0 )%
State and local income taxes, net of federal benefit     (733,987 )     (3.9)       (766,910 )     (3.9 )
                                 
Other book tax differences     (199,555 )     (1.0)       -       -  
                                 
Nondeductible loss on stock-settled debt extinguishment     1,157,422       6.1     -          
                                 
Change in valuation allowance    

3,728,360

      19.8     4,896,426       24.9  
Effective income tax rate     -       0.0 %     -       0.0 %
Schedule of Recognized as Deferred Tax Assets (Liabilities)

The tax effects of these temporary differences along with the net operating losses, net of an allowance for credits, have been recognized as deferred tax assets (liabilities) at December 31, 2025 and 2024 as follows:

 

    2025     2024  
Net operating loss carryforward   $ 20,186,649     $ 15,183,149  
Bad debt reserve     67,948       34,338  
Employee stock compensation     2,955,830       2,847,598  
Intangible assets     536,745       544,555  
Depreciation     (211,359 )     (121,403 )
Accrued expenses     232,866       207,966  
Change in fair value of investments     (289,475 )     1,558,777  
Full-cost ceiling write-down — oil & gas     518,571       -  
Charity     194       194  
Net deferred tax asset     23,997,969       20,255,174  
Valuation allowance     (23,997,969 )     (20,255,174 )
Net deferred tax asset   $ -     $ -  
Schedule of Domestic Federal and State and Local Jurisdictions In accordance with ASU 2023-09, the following table presents income taxes paid (net of refunds) for the years ended December 31, 2025 and 2024, disaggregated between domestic federal and state and local jurisdictions. No individual state jurisdiction exceeded 5% of the total income taxes paid in either period.
      2025       2024  
U.S. federal   $ -     $ -  
U.S. state and local     -       -  
Foreign     -       -  
Total income taxes paid, net of refunds   $ -     $ -