INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Loss before Provision for Income Taxes |
Loss before provision for income taxes consisted of the following:
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|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
United States |
|
$ |
(79,041,101 |
) |
|
$ |
(34,515,754 |
) |
Foreign |
|
|
(30,175 |
) |
|
|
— |
|
Loss before provision for income taxes |
|
$ |
(79,071,276 |
) |
|
$ |
(34,515,754 |
) |
|
| Summary of Source Differences Between Income Taxes at Federal Statutory Rate and Provision for Income Taxes |
A summary of the sources of differences between income taxes at the federal statutory rate and the provision for income taxes for the years ended December 31, 2025 and 2024, respectively, is as follows:
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Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
Amount |
|
|
Rate |
|
|
Amount |
|
|
Rate |
|
Tax benefit at the statutory rate |
|
$ |
(16,604,968 |
) |
|
|
21.0 |
% |
|
$ |
(7,249,161 |
) |
|
|
21.0 |
% |
Increase (decrease) in taxes resulting from: |
|
|
|
|
|
|
|
|
|
|
|
|
Loss on debt issuance and extinguishment |
|
|
5,665,190 |
|
|
|
(7.2 |
%) |
|
|
4,305,904 |
|
|
|
(12.5 |
%) |
Warrant revaluations |
|
|
4,756,738 |
|
|
|
(6.0 |
%) |
|
|
(443,080 |
) |
|
|
1.3 |
% |
Change in valuation allowance |
|
|
3,480,066 |
|
|
|
(4.4 |
%) |
|
|
3,624,829 |
|
|
|
(10.5 |
%) |
Research and development credits |
|
|
75,234 |
|
|
|
(0.1 |
%) |
|
|
(100,311 |
) |
|
|
0.3 |
% |
Foreign tax effects |
|
|
6,337 |
|
|
|
0.0 |
% |
|
|
— |
|
|
|
0.0 |
% |
State and local income taxes, net of federal income tax effect |
|
|
119 |
|
|
|
0.0 |
% |
|
|
119 |
|
|
|
0.0 |
% |
Deferred tax true-ups and other |
|
|
2,621,284 |
|
|
|
(3.3 |
%) |
|
|
(138,300 |
) |
|
|
0.4 |
% |
Total income tax expense (benefit) |
|
$ |
— |
|
|
|
0.0 |
% |
|
$ |
— |
|
|
|
0.0 |
% |
|
| Schedule of Components of Company's Deferred Income Tax Assets and Liabilities |
Significant components of the Company's deferred income tax assets and liabilities are as follows:
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|
As of December 31, |
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|
|
2025 |
|
|
2024 |
|
Deferred tax assets: |
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
22,897,396 |
|
|
$ |
16,979,615 |
|
Capitalized pre-business expenses |
|
|
3,819,778 |
|
|
|
3,860,144 |
|
Research and development credits |
|
|
1,235,627 |
|
|
|
1,310,860 |
|
Equity method investment |
|
|
32,669 |
|
|
|
— |
|
Stock-based compensation |
|
|
438,028 |
|
|
|
1,019,432 |
|
Accrued expenses |
|
|
143,978 |
|
|
|
219,423 |
|
Inventory reserve |
|
|
— |
|
|
|
282,905 |
|
Operating lease liability |
|
|
— |
|
|
|
57,817 |
|
Capitalized §174 research and development costs |
|
|
980,189 |
|
|
|
1,966,559 |
|
Unrealized derivative gain/loss |
|
|
— |
|
|
|
34,368 |
|
Total deferred tax assets before valuation allowance |
|
|
29,547,665 |
|
|
|
25,731,123 |
|
Less valuation allowance |
|
|
(29,547,665 |
) |
|
|
(25,386,669 |
) |
Total deferred tax assets |
|
|
— |
|
|
|
344,454 |
|
Deferred tax liabilities |
|
|
|
|
|
|
Fixed assets |
|
|
— |
|
|
|
(295,152 |
) |
Right-of-use assets |
|
|
— |
|
|
|
(49,302 |
) |
Total deferred tax liabilities |
|
|
— |
|
|
|
(344,454 |
) |
Net deferred tax asset (liability) |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
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|
|
|
|
Balance at January 1, 2025 |
|
$ |
436,954 |
|
Reductions for tax positions of prior years |
|
|
(25,079 |
) |
Balance as of December 31, 2025 |
|
$ |
411,875 |
|
|