Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Provision for Income Taxes |
The
components of the provision for income taxes for the years ended December 31, 2024 and 2023 are as follows:
Schedule
of Components of Provision for Income Taxes
| |
|
2024 |
|
|
2023 |
|
| Current |
|
$ |
— |
|
|
$ |
— |
|
| Deferred |
|
|
(1,408,287
|
)
|
|
|
(5,791,558 |
) |
| Valuation Allowance |
|
|
1,408,287
|
|
|
|
5,791,558 |
|
| Total provision (Deferred
benefit) for income taxes |
|
$ |
— |
|
|
$ |
— |
|
|
| Summary of Components of Deferred Tax |
At
December 31, 2024 and 2023, the Company had temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and their respective income tax bases, as measured by enacted state and federal tax rates, as follows:
Summary
of Components of Deferred Tax
| |
|
2024 |
|
|
2023 |
|
| Deferred
tax assets (liabilities): |
|
|
|
|
|
|
|
|
| Net
operating loss carryforward |
|
$ |
41,070,043 |
|
|
$ |
39,810,409 |
|
| Accrued
vacation |
|
|
13,421
|
|
|
|
- |
|
| Non-qualified
stock compensation |
|
|
1,228,004
|
|
|
|
1,160,775 |
|
| Capitalized
Research & Development costs |
|
|
3,694,354
|
|
|
|
3,417,706 |
|
| Intangibles |
|
|
2,360,913
|
|
|
|
2,569,559 |
|
| Total
deferred tax assets |
|
|
48,366,736
|
|
|
|
46,958,449 |
|
| Less
valuation allowance |
|
|
(48,366,736
|
) |
|
|
(46,958,449 |
) |
| Total
net deferred tax asset, net of valuation allowance |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Reconciliation of Tax Computed at Statutory Federal Rate |
The
following is a reconciliation of tax computed at the statutory federal rate to the income tax expense (benefit) in the statements of
operations for the years ended December 31, 2024 and 2023:
Schedule
of Reconciliation of Tax Computed at Statutory Federal Rate
| |
|
2024 |
|
|
2023 |
|
| Income
tax benefit computed at statutory federal rate of 21% and 21%, respectively |
|
$ |
(2,207,843
|
) |
|
$ |
(4,337,705 |
) |
| State
income tax benefits, net of federal expense/benefit |
|
|
(400,411
|
) |
|
|
(1,204,720 |
) |
| Australia Tax |
|
|
(60,962 |
) |
|
|
— |
|
| Prior
year adjustment |
|
|
—
|
|
|
|
150,533 |
|
| Change
in valuation allowance |
|
|
2,027,835
|
|
|
|
5,342,529 |
|
| Non-deductible
expenses |
|
|
1,100
|
|
|
|
272 |
|
| Change in tax rates |
|
|
590,690 |
|
|
|
— |
|
| Other |
|
|
49,590
|
|
|
|
49,091 |
|
| Total
provision (benefit) for income taxes |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Reconciliation of Unrecognized Tax Benefits |
A
reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Schedule
of Reconciliation of Unrecognized Tax Benefits
| Balance as of December 31, 2021 |
|
$ |
4,027,180 |
|
| Additions based on tax
positions related to the current year |
|
|
940,106 |
|
| Reductions for the tax
positions of prior years |
|
|
(115,396 |
) |
| Expired
Tax Credits due to 20-year life |
|
|
(17,043 |
) |
| Balance as of December 31, 2022 |
|
$ |
4,834,847 |
|
| Additions based on tax
positions related to the current year |
|
|
46,229 |
|
| Reductions for the tax
positions of prior years |
|
|
(680,042 |
) |
| Expired Tax Credits due
to 20-year life |
|
|
(31,680 |
) |
| Balance as of December 31, 2023 |
|
$ |
4,169,354 |
|
| Additions based on tax positions related to the current year |
|
|
— |
|
| Reductions for the tax positions of prior years |
|
|
(46,229 |
) |
| Expired Tax Credits due to 20-year life |
|
|
(81,431 |
) |
| Balance as of December 31, 2024 |
|
$ |
4,041,694 |
|
|