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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of loss (income) before income taxes | The components of the Company's loss (income) before income taxes are as follows:
| December 31, 2024 |  | December 31, 2023 |
UK | $ |  | 171,670,156 |  | $ |  | 29,427,631 |
US |  |  | 696,137 |  |  |  | 994,933 |
Spain |  |  | 262,064 |  |  |  | 298,927 |
India |  |  | (88,448 | ) |  |  | (92,982 | )
Taiwan |  |  | 61,948 |  |  |  | 44,181 |
Total | $ |  | 172,601,857 |  | $ |  | 30,672,690 |
Current and Deferred Income Tax Expense | Current and deferred income tax expense consist of:
| December 31, 2024 |  | December 31, 2023 |
India | $ |  | 44,933 |  | $ |  | 63,408 |
Total | $ |  | 44,933 |  | $ |  | 63,408 |
Current |  |  | 44,933 |  |  |  | 63,408 |
Total | $ |  | 44,933 |  | $ |  | 63,408 |
Reconciliation of the federal income tax rate to the company's effective tax rate | Income tax benefit attributable to our loss before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors:
|  | December 31, 2024 |  |  | December 31, 2023 |
Loss before income taxes | $ |  | (172,601,857 | ) | $ |  | (30,672,690 | )
Income tax benefit at statutory tax rates (a) |  |  | 43,150,464 |  |  |  | 7,208,082 |
Effect of: |  |  |  |  |  |
Non-deductible or non-taxable foreign currency exchange results |  |  | (329,399 | ) |  |  | (88,195 | )
International rate differences (b) |  |  | (23,423 | ) |  |  | (9,845 | )
Non-deductible expenses |  |  | (29,893,933 | ) |  |  | (2,050,426 | )
Change in valuation allowance |  |  | (12,858,776 | ) |  |  | (4,996,208 | )
Income tax expense | $ |  | 44,933 |  | $ |  | 63,408 |
a. The statutory or “expected” tax rates are the U.K. rates of 25% for 2024 and 23.5% for 2023. The 2023 statutory rate represents that blended rate in effect for the year ended December 31, 2023 based on the 19.0% statutory rate that was in effect for the first quarter of 2023 and the 25.0% statutory rate that was in effect for the remainder of 2023. Amounts reflect adjustments (either a benefit or expense) to the “expected” tax expense for statutory rates in jurisdictions in which we operate outside of the UK.
The Company and its subsidiaries are liable to income taxes in their respective jurisdiction | The Company and its subsidiaries are liable to income taxes in their respective jurisdiction. The Company has unused tax losses as follows as at December 31, 2024:
| Tax loss carryforward |  |  | Expiration date
UK (1) | $ |  | 41,980,917 |  |  | (1)
US |  |  | 6,238,596 |  |  | Indefinite
Spain |  |  | 1,106,475 |  |  | Indefinite
India |  | — |  |  | N/A
Taiwan |  |  | 2,421,606 |  |  | 10 years
Changes in our unrecognized tax benefits | The changes in our unrecognized tax benefits for the indicated periods are summarized below:
| 2024 |  | 2023 |
Balance at January 1 | $ |  | 33,754,069 |  | $ |  | 24,388,433 |
Effect of rate changes: |  |  |  |  |  |
Additions based on tax positions related to current year |  |  | 10,719,324 |  |  |  | 6,882,336 |
Return to provision (based on tax return) |  |  | 16,505,726 |  |  | — |
Tax losses lost on demerger |  |  | (47,942,752 | ) |  | — |
Foreign currency translation |  |  | 588,135 |  |  |  | 2,483,300 |
Balance at December 31 | $ |  | 13,624,502 |  | $ |  | 33,754,069 |
Significant portions of our deferred tax assets and liabilities | The tax effects of temporary differences that give rise to the significant portions of our deferred tax assets and liabilities are presented below:
| December 31, 2024 |  | December 31, 2023 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss and other carryforwards | $ |  | 13,624,502 |  | $ |  | 33,754,069 |
PP&E |  | — |  |  | — |
Derivative liabilities |  |  | 644,969 |  |  | — |
Short-term debt to related party |  | — |  |  |  | 1,556,454 |
Share-based payment liability |  |  | 350,000 |  |  |  | 327,757 |
Convertible debt |  |  | 7,382,329 |  |  |  | 8,110,222 |
Deferred tax assets |  |  | 22,001,800 |  |  |  | 43,748,501 |
Deferred tax liabilities: |  |  |  |  |  |
Derivative asset |  |  | (646,895 | ) |  | — |
Intangible assets |  |  | (485,477 | ) |  | — |
Deferred tax liabilities |  |  | (1,132,372 | ) |  | — |
Net Deferred tax asset |  |  | 20,869,428 |  |  | — |
Valuation allowance |  |  | (20,869,428 | ) |  | — |
Net Deferred tax asset, net of valuation allowance | $ |  | — |  | $ |  | — |

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