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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

SCHEDULE OF PROVISION FOR INCOME TAXES

The Company is subject to taxation in the U.S., New Jersey, Tennessee, and various other states. The Company’s income tax provision consists of the following for the years ended December 31, 2024 and 2023:

SCHEDULE OF PROVISION FOR INCOME TAXES

		2024				2023
		December 31,
		2024				2023
Current:
Federal		$	46,000			$	-
State			115,000				701,000
Total current		$	161,000			$	701,000
Deferred:
Federal		$	-			$	-
State			-				-
Total deferred			-				-
Income tax provision		$	161,000			$	701,000

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

A reconciliation of income taxes computed by applying the statutory U.S. income tax rate to the Company’s loss before income tax provision to the income tax provision is as follows:

SCHEDULE OF INCOME TAX PROVISION

		2024				2023
		December 31,
		2024				2023
U.S. federal statutory tax rate			21.00	%			21.00	%
State tax benefit, net			(2.49	)%			0.77	%
Rate change			1.87	%			(8.02	)%
Employee stock-based compensation			(8.61	)%			19.93	%
Excess Employee remuneration			(5.95	)%			(30.83	)%
Melt loan settlement			-	%			(4.52	)%
Other			1.71	%			2.97	%
Uncertain tax positions			0.09	%			(11.71	)%
Research and development tax credit			2.66	%			0.53	%
Provision-to-return true-ups			(0.75	)%			1.72	%
Other true-ups			(1.87	)%			(0.43	)%
Total			7.66	%			(8.59	)%
Change in valuation allowance			(8.59	)%			5.71	%
Effective income tax rate			(0.93	)%			(2.88	)%

Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets are as follows:

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

		2024				2023
		December 31,
		2024				2023
Deferred tax assets (liabilities):
NOL		$	2,448,000			$	4,669,000
Depreciation and amortization			1,753,000				1,637,000
Other			443,000				854,000
Research and development credits			655,000				220,000
Deferred stock compensation			1,523,000				1,059,000
Basis difference in Eton			-				(583,000	)
Basis difference in Melt investments			3,620,000				3,405,000
Federal benefit of state ASC740-10 reserves			104,000				88,000
Limitation Under 163(j)			4,605,000				2,893,000
Section 174 capitalized expenses			2,276,000				1,261,000
ASC 842 lease liability			2,304,000				1,710,000
ASC 842 ROU asset			(2,121,000	)			(1,582,000	)
Total deferred tax assets, net			17,610,000				15,631,000
Valuation allowance			(17,610,000	)			(15,631,000	)
Net deferred tax assets		$	-			$	-

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets are as follows:

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

		2024				2023
		December 31,
		2024				2023
Deferred tax assets (liabilities):
NOL		$	2,448,000			$	4,669,000
Depreciation and amortization			1,753,000				1,637,000
Other			443,000				854,000
Research and development credits			655,000				220,000
Deferred stock compensation			1,523,000				1,059,000
Basis difference in Eton			-				(583,000	)
Basis difference in Melt investments			3,620,000				3,405,000
Federal benefit of state ASC740-10 reserves			104,000				88,000
Limitation Under 163(j)			4,605,000				2,893,000
Section 174 capitalized expenses			2,276,000				1,261,000
ASC 842 lease liability			2,304,000				1,710,000
ASC 842 ROU asset			(2,121,000	)			(1,582,000	)
Total deferred tax assets, net			17,610,000				15,631,000
Valuation allowance			(17,610,000	)			(15,631,000	)
Net deferred tax assets		$	-			$	-

SCHEDULE OF UNRECOGNIZED TAX BENEFITS

A reconciliation of the change in the unrecognized tax benefits balance for the years ended December 31, 2024 and 2023 is as follows:

SCHEDULE OF UNRECOGNIZED TAX BENEFITS

		Federal & State Tax
Balance at January 1, 2024		$	2,822,000
Additions for tax positions related to current year			5,000
Additions/(reductions) for tax positions related to prior years			32,000
Balance at December 31, 2024		$	2,858,000

		Federal & State Tax
Balance at January 1, 2023		$	-
Additions for tax positions related to current year			36,000
Additions/(reductions) for tax positions related to prior years			2,786,000
Balance at December 31, 2023		$	2,822,000

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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