Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Schedule of Provision (Benefit) from Income Taxes

The provision (benefit) from income taxes was as follows:

 

      December 31,  
      2024       2023  
Current                
U.S. Federal   $
  -
    $
-
 
State and local    
-
     
-
 
    $
-
    $
-
 
Deferred                
U.S. Federal   $
-
    $
-
 
State and local    
-
     
-
 
    $
-
    $
-
 
Total                
U.S. Federal   $
-
    $
-
 
State and local    
-
     
-
 
    $
-
    $
-
 
Schedule of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

 

    December 31,  
    2024     2023  
Deferred Tax Assets:            
Tax benefit of net operating loss carry-forward   $ 69,411,243     $ 62,608,641  
Accrued liabilities     569,552       336,802  
Stock-based compensation     378,633       223,047  
Depreciation     400,385       183,361  
Amortization     4,443      
-
 
Inventory reserve     63,881       29,962  
Investment impairment     433,498       448,289  
Operating lease liabilities     1,744,674       1,910,688  
R&D capitalization     8,960,583       8,793,631  
R&D credit     751,488       751,488  
Other     1,427,808       1,446,535  
Total deferred tax assets     84,146,188       76,732,444  
                 
Deferred Tax Liabilities:                
Intangibles     (5,603,344 )     (6,450,630 )
Deferred rent     (1,047,460 )     (1,379,646 )
Total deferred tax liabilities     (6,650,804 )     (7,830,276 )
Total net deferred tax assets     77,495,384       68,902,168  
Valuation allowance for deferred tax assets     (77,495,384 )     (68,902,168 )
Deferred tax assets, net of valuation allowance   $
-
    $
-
 
Schedule of Valuation Allowance

The change in the Company’s valuation allowance is as follows:

 

    Years Ended December 31,  
    2024     2023  
             
Beginning of the year   $ 68,902,168     $ 29,218,958  
Change in valuation account     8,593,216       39,683,210  
End of the year   $ 77,495,384     $ 68,902,168  
Schedule of Federal Income Tax

A reconciliation of the provision for income taxes with the amounts computed by applying the Federal income tax rate to income from operations before the provision for income taxes is as follows:

 

    Years Ended December 31,  
    2024     2023  
U.S. federal statutory rate     (21.0 )%     (21.0 )%
Federal true ups     (0.82 )%     0.88 %
State taxes, net of federal benefit     (1.29 )%     (4.86 )%
Change in valuation allowance     23.45 %     24.24 %
Stock compensation     0.25 %     0.94 %
Acquisition costs    
-
%     0.09 %
Foreign rate differential     (0.66 )%     (0.35 )%
Nondeductible expenses     0.07 %     0.06 %
Effective income tax rate    
-
%    
-
%