Income Tax (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income (Loss) Before Income Taxes |
Income
(loss) before income taxes consists of the following:
Schedule
of Income (Loss) Before Income Taxes
| | |
2025 | | |
2024 | |
| | |
For the Years Ended | |
| | |
December 31, | |
| | |
2025 | | |
2024 | |
| United States | |
$ | (5,560,443 | ) | |
$ | 865,102 | |
| Foreign | |
| (34,470,812 | ) | |
| (4,756,192 | ) |
|
| Schedule of Provision (Benefit) for Income Taxes |
The
Company is subject to income taxes in U.S. federal, state, and foreign jurisdictions. The provision (benefit) for income taxes in the
accompanying consolidated financial statements is comprised of the following:
Schedule
of Provision (Benefit) for Income Taxes
| | |
2025 | | |
2024 | |
| | |
For the Years Ended | |
| | |
December 31, | |
| | |
2025 | | |
2024 | |
| Current taxes: | |
| | | |
| | |
| Federal | |
$ | - | | |
$ | - | |
| State | |
| - | | |
| 40,714 | |
| Foreign | |
| - | | |
| 99,299 | |
| Total current taxes | |
| - | | |
| 140,013 | |
| | |
| | | |
| | |
| Deferred taxes: | |
| | | |
| | |
| Federal | |
| - | | |
| - | |
| State | |
| - | | |
| - | |
| Foreign | |
| (216,234 | ) | |
| (107,105 | ) |
| Total deferred taxes | |
| (216,234 | ) | |
| (107,105 | ) |
| Income tax expense (benefit) | |
$ | (216,234 | ) | |
$ | 32,908 | |
|
| Schedule of Effective Income Tax Rate |
A
reconciliation of the U.S. federal statutory income tax rate of 21% to the Company’s effective income tax rate, post the adoption
of ASU 2023-09, is as follows:
Schedule
of Effective Income Tax Rate
| | |
2025 | | |
2024 | |
| | |
For the Years Ended | |
| | |
2025 | | |
2024 | |
| Income tax expense (benefit) using U.S. federal statutory rate | |
| 21.0 | % | |
| 21.0 | % |
| State income taxes, net of federal benefit | |
| 0.1 | % | |
| 5.0 | % |
| Foreign tax effects | |
| | | |
| | |
| Australia | |
| | | |
| | |
| Statutory tax rate difference | |
| 3.6 | % | |
| 1.0 | % |
| Fair value loss on convertible notes | |
| -16.2 | % | |
| 0.0 | % |
| Change in valuation allowance | |
| -9.2 | % | |
| 0.0 | % |
| Capital loss carryforwards | |
| 3.7 | % | |
| 0.0 | % |
| Other | |
| -0.4 | % | |
| 0.0 | % |
| Nontaxable or nondeductible items | |
| -0.6 | % | |
| 0.0 | % |
| Changes in valuation allowance | |
| -1.5 | % | |
| -19.0 | % |
| Permanent Difference | |
| 0.0 | % | |
| -3.0 | % |
| Research and development tax incentive | |
| 0.0 | % | |
| -5.0 | % |
| Other | |
| 0.0 | % | |
| 0.0 | % |
| Income tax expense (benefit) and effective tax rate | |
| 0.5 | % | |
| 0.0 | % |
|
| Schedule of Deferred Tax Assets and Liabilities |
Schedule
of Deferred Tax Assets and Liabilities
| | |
December 31, | | |
December 31, | |
| | |
2025 | | |
2024 | |
| Net operating loss carryforward | |
$ | 4,337,890 | | |
$ | 303,257 | |
| Unrealized Gain (Loss) | |
| - | | |
| 293,707 | |
| Capitalized transaction costs | |
| 1,829,760 | | |
| 77,225 | |
| Accrued expenses | |
| 36,117 | | |
| 78,878 | |
| Stock based compensation | |
| 378,290 | | |
| 65,208 | |
| Lease liabilities | |
| 1,247,725 | | |
| - | |
| Total deferred tax assets | |
| 7,829,782 | | |
| 818,275 | |
| Less valuation allowance | |
| (5,283,165 | ) | |
| (733,310 | ) |
| Net deferred tax asset | |
| 2,546,617 | | |
| 84,965 | |
| | |
| | | |
| | |
| Intangibles | |
| - | | |
| (412,500 | ) |
| Right-of -use asset | |
| (1,785,219 | ) | |
| - | |
| Other deferred tax liabilities | |
| (761,398 | ) | |
| - | |
| Total deferred tax liabilities | |
| (2,546,617 | ) | |
| (412,500 | ) |
| | |
| | | |
| | |
| Net deferred tax liability | |
$ | - | | |
$ | (327,535 | ) |
|