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

Income Taxes

v3.25.1
Income Taxes
12 Months Ended
Dec. 31, 2024
INCOME TAXES  
Schedule of component of net loss

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

Domestic

 

$ (13,384,836 )

 

$ (7,777,184 )

(Loss) before provision for income taxes

 

 

(13,384,836 )

 

 

(7,777,184 )
Schedule Of The Company's tax expense differs from the "statutory" tax expense

 

 

For the Years Ended December 31,

 

 

 

2024

 

 

2023

 

Income tax (benefit) / Expense at federal statutory rate

 

$ (2,810,816 )

 

 

21.0 %

 

$ (1,633,209 )

 

 

21.0 %

Apportioned state income taxes

 

 

(127,093 )

 

 

0.9 %

 

 

(95,082 )

 

 

1.2 %

Expired or forfeited stock based compensation

 

 

1,511,086

 

 

 

(11.3 )%

 

 

89,502

 

 

 

(1.2 )%

Rate change

 

 

72,688

 

 

 

(0.5 )%

 

 

46,848

 

 

 

(0.6 )%

Return to provision adjustments

 

 

-

 

 

 

0.0 %

 

 

5,968

 

 

 

(0.1 )%

Other non-deductible items

 

 

445

 

 

 

0.0 %

 

 

1,195

 

 

 

0.0 %

Change in valuation allowance

 

 

1,353,690

 

 

 

(10.1 )%

 

 

1,584,778

 

 

 

(20.3 )%

Total income tax provision

 

$ -

 

 

 

0.0 %

 

$ -

 

 

 

0.0 %
Schedule Of Deferred Tax Assets And Liabilities

 

 

For the Years Ended December 31,

 

 

 

2024

 

 

2023

 

Deferred tax assets/(liabilities)

 

 

 

 

 

 

Federal net operating loss carryforwards

 

$ 10,134,910

 

 

$ 8,703,105

 

State net operating loss carryforwards

 

 

166,026

 

 

 

130,413

 

Stock based compensation

 

 

2,108,922

 

 

 

2,665,017

 

Section 174 research and experimental expenditures

 

 

1,082,270

 

 

 

623,902

 

Accrued compensation

 

 

240,606

 

 

 

254,637

 

Operating leases

 

 

-

 

 

 

1,973

 

Total deferred tax assets

 

 

13,732,734

 

 

 

12,379,047

 

Other deferred tax liabilities

 

$ (176 )

 

 

(178 )

Total deferred tax assets, net

 

 

13,732,558

 

 

$ 12,378,869

 

Valuation allowance

 

 

(13,732,558 )

 

 

(12,378,869 )

Total deferred income taxes

 

$ -

 

 

$ -

 

Summary Of Operating Loss Carryforwards

 

 

Net Operating Losses recorded as Federal

deferred tax asset

 

 

Net Operating Losses recorded as State

deferred tax asset

 

Total expiring operating losses (incurred prior to December 31, 2017)

 

 

-

 

 

 

-

 

Non-expiring operating losses (incurred after December 31, 2017)

 

 

48,261,480

 

 

 

3,018,662

 

Total Operating Loss

 

$ 48,261,480

 

 

$ 3,018,662