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:
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For the Years Ended December 31, |
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2025 |
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2024 |
|
Income (loss) before income taxes |
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Domestic |
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|
(6,465,510 |
) |
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|
(10,434,200 |
) |
Foreign |
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|
(561,900 |
) |
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|
(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:
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For the Years Ended December 31, |
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2025 |
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2024 |
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Income tax provision (benefit): |
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Current |
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Federal |
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— |
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— |
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State |
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— |
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— |
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Foreign |
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— |
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— |
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Total Current |
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— |
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— |
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Deferred |
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Federal |
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— |
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— |
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State |
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— |
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— |
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Foreign |
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— |
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— |
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Total Deferred |
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— |
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— |
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Total income tax provision (benefit) |
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$ |
— |
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|
$ |
— |
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| 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:
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For the Years Ended December 31, |
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2025 |
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2024 |
|
Rate Reconciliation |
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Expected tax at statutory rates |
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$ |
(1,475,800 |
) |
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|
21 |
% |
|
$ |
(2,416,700 |
) |
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|
21 |
% |
Permanent Differences |
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$ |
66,000 |
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|
(1 |
)% |
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(157,900 |
) |
|
|
1 |
% |
State Income Tax, Net of Federal benefit |
|
$ |
(760,700 |
) |
|
|
11 |
% |
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|
(822,500 |
) |
|
|
4 |
% |
State Rate Change-Federal Impact |
|
$ |
(197,600 |
) |
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|
3 |
% |
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(42,300 |
) |
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— |
% |
State Rate Change Adjustment |
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$ |
941,000 |
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(13 |
)% |
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|
201,300 |
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— |
% |
Foreign taxes at rate different than US Taxes |
|
$ |
(21,200 |
) |
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— |
% |
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(58,900 |
) |
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— |
% |
Current Year Change in Valuation Allowance |
|
$ |
1,910,700 |
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|
(27 |
)% |
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|
3,411,100 |
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(26 |
)% |
Prior Year True-Ups |
|
$ |
(462,400 |
) |
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|
7 |
% |
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(114,100 |
) |
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|
— |
% |
Income tax provision (benefit) |
|
$ |
— |
|
|
|
— |
% |
|
$ |
— |
|
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|
— |
% |
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| 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:
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For the Years Ended December 31, |
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2025 |
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2024 |
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Deferred Tax Assets/(Liab.) Detail |
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Deferred Tax Assets (Liabilities): |
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Stock Based Comp |
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$ |
1,656,200 |
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1,546,000 |
|
Accrued Bonus |
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$ |
74,300 |
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|
17,100 |
|
Accrued Expenses |
|
$ |
35,200 |
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|
36,000 |
|
Depreciation |
|
$ |
7,000 |
|
|
|
900 |
|
ROU (Asset) |
|
$ |
(280,600 |
) |
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(148,800 |
) |
ROU Liability |
|
$ |
285,400 |
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|
150,400 |
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Changes in fair value of digital asset |
|
$ |
260, 100 |
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— |
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Capitalized R&D |
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$ |
1,378,400 |
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|
1,967,800 |
|
R&D Credit |
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$ |
29,800 |
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|
29,800 |
|
Net Operating Losses (US) |
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$ |
21,572,500 |
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19,647,500 |
|
Net Operating Losses (Foreign) |
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$ |
1,466,200 |
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|
1,327,000 |
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Net deferred tax assets (liabilities) |
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26,484,500 |
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24,573,700 |
|
Valuation allowance |
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(26,484,500 |
) |
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(24,573,700 |
) |
Net deferred tax assets (liabilities) |
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$ |
— |
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$ |
— |
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