v3.26.3
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Earning Before Taxes

The components of earnings before income taxes for the years ended December 31, 2025 and 2024 were as follows:

 

For the Years Ended
December 31,

 

2025

2024

 

Income (loss) before income taxes

Domestic

(6,465,510

)

(10,434,200

)

Foreign

(561,900

)

(1,073,800

)

Total income (loss) before income taxes

$

(7,027,410

)

$

(11,508,000

)

Schedule of Income Tax Provision (Benefit)

Income tax provision (benefit) consists of the following for the years ended December 31, 2025 and 2024:

 

 

 

For the Years Ended
December 31,

 

 

 

2025

 

 

2024

 

Income tax provision (benefit):

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

Federal

 

 

—

 

 

 

—

 

State

 

 

—

 

 

 

—

 

Foreign

 

 

—

 

 

 

—

 

Total Current

 

 

—

 

 

 

—

 

Deferred

 

 

 

 

 

 

 

 

Federal

 

 

—

 

 

 

—

 

State

 

 

—

 

 

 

—

 

Foreign

 

 

—

 

 

 

—

 

Total Deferred

 

 

—

 

 

 

—

 

Total income tax provision (benefit)

 

$

—

 

 

$

—

 

Schedule of U.S. Federal Statutory Rate And The Effective Tax Rate

A reconciliation of the income tax provision (benefit) by applying the statutory United States federal income tax rate to income (loss) before income taxes is as follows:

 

For the Years Ended
December 31,

2025

2024

Rate Reconciliation

Expected tax at statutory rates

$

(1,475,800

)

21

%

$

(2,416,700

)

21

%

Permanent Differences

$

66,000

(1

)%

(157,900

)

1

%

State Income Tax, Net of Federal benefit

$

(760,700

)

11

%

(822,500

)

4

%

State Rate Change-Federal Impact

$

(197,600

)

3

%

(42,300

)

—

%

State Rate Change Adjustment

$

941,000

(13

)%

201,300

—

%

Foreign taxes at rate different than US Taxes

$

(21,200

)

—

%

(58,900

)

—

%

Current Year Change in Valuation Allowance

$

1,910,700

(27

)%

3,411,100

(26

)%

Prior Year True-Ups

$

(462,400

)

7

%

(114,100

)

—

%

Income tax provision (benefit)

$

—

—

%

$

—

—

%

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are provided for significant income and expense items recognized in different years for tax and financial reporting purposes. Temporary differences, which give rise to a net deferred tax asset is as follows:

 

For the Years Ended
December 31,

2025

2024

Deferred Tax Assets/(Liab.) Detail

Deferred Tax Assets (Liabilities):

Stock Based Comp

$

1,656,200

1,546,000

Accrued Bonus

$

74,300

17,100

Accrued Expenses

$

35,200

36,000

Depreciation

$

7,000

900

ROU (Asset)

$

(280,600

)

(148,800

)

ROU Liability

$

285,400

150,400

Changes in fair value of digital asset

$

260, 100

—

Capitalized R&D

$

1,378,400

1,967,800

R&D Credit

$

29,800

29,800

Net Operating Losses (US)

$

21,572,500

19,647,500

Net Operating Losses (Foreign)

$

1,466,200

1,327,000

Net deferred tax assets (liabilities)

26,484,500

24,573,700

Valuation allowance

(26,484,500

)

(24,573,700

)

Net deferred tax assets (liabilities)

$

—

$

—