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Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Taxes [Abstract] |
Schedule of Pretax Loss from Operations | The components of pretax loss from operations are as follows:
|  | Year Ended December 31, |
|  | 2025 |
Domestic |  | $ | (186,931,598 | )
Foreign |  |  | (102 | )
Loss before income taxes |  | $ | (186,931,700 | )
Schedule of Current and Deferred Components of Income Tax Expenses | The current and deferred components of income tax expenses from operations appearing in the consolidated statements of operations are as follows:
|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |
Current tax expenses |  |  |  |  |  |
Federal |  | $ | (90,000 | ) |  | $ | (90,000 | )
State |  |  | 12,054 |  |  |  | (51,810 | )
Total current tax expenses |  | $ | (77,946 | ) |  | $ | (141,810 | )
Deferred tax benefits |  |  |  |  |  |  |  |
Federal |  | $ | 132,923 |  |  | $ | 173,911 |
State |  |  | - |  |  |  | - |
Total deferred tax benefits |  | $ | 132,923 |  |  | $ | 173,911 |
Total benefits from income taxes |  | $ | 54,977 |  |  |  | 32,101 |
Schedule of Effective Rate to Income Tax | The following table presents the required disclosure pursuant to ASU 2023-09 and is a reconciliation of the Company's income tax expense at the statutory federal tax rate to the Company's effective tax rate for the year ended December 31, 2025:
|  | For the year ended December 31, 2025 |
U.S. federal statutory tax rate |  | $ | (39,255,657 | ) |  |  | 21.00 | %
State income taxes, net of federal effect (*) |  |  | (16,151,984 | ) |  |  | 8.64 | %
Foreign Tax Effects: |  |  |  |  |  |  |  |
People’s Republic of China: |  |  |  |  |  |  |  |
Foreign tax rate differential |  |  | 21 |  |  |  | (0.00 | )%
Change in federal valuation allowance |  |  | 1,885,325 |  |  |  | (1.01 | )%
Impairment and credit loss |  |  | - |  |  |  | - | %
Impairment loss on intangible assets |  |  | 255,840 |  |  |  | (0.14 | )%
Unrealized loss on digital assets |  |  | 53,552,364 |  |  |  | (28.64 | )%
Other |  |  | (340,886 | ) |  |  | 0.18 | %
Effective Tax Rate |  | $ | (54,977 | ) |  |  | 0.03 | %
* | For the year ended December 31, 2025, state and local income tax in New Jersey comprised the majority of the state and local income taxes, net of federal effect category.
The following table presents a reconciliation of the Company's income tax expense at the statutory federal tax rate to the Company's effective tax rate for the year ended December 31, 2024
|  | December 31, 2024 |
Statutory tax rate |  |  |  |
Federal |  |  | 21.00 | %
State (net of federal effect) * |  |  | 12.56 | %
Foreign tax |  |  | (1.21 | )%
Provision of credit loss |  |  | (7.72 | )%
Impairment loss on intangible assets |  |  | (5.97 | )%
Change in valuation allowance |  |  | (19.05 | )%
Others |  |  | 0.16 | %
Effective tax rate |  |  | (0.23 | )%
* | For the year ended December 31, 2024, state and local income taxes in New York and New York City comprise the majority of state and local income taxes, net of federal effect category.
Schedule of Income Tax Paid | The following table presents cash paid for income taxes, net of refunds received, by jurisdiction during the year ended December 31, 2025:
|  | December 31, |
|  | 2025 |
Federal |  | $ | - |
State |  |  |  |
New York |  |  | 19,660 |
New York City |  |  | 8,101 |
New Jersey |  |  | 4,000 |
Total cash paid for income taxes, net of refunds |  | $ | 31,761 |
Schedule of Deferred Income Tax Assets and Liabilities | The principal components of the Company’s deferred income tax assets and liabilities as of December 31, 2025 and 2024 were as follows:
|  | December 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Deferred tax assets |  |  |  |  |  |
Net operating losses carried forward |  | $ | 7,875,558 |  |  | $ | 6,105,138 |
Capitalized R&D |  |  | 478,350 |  |  |  | - |
Reserves and Accruals |  |  | 17,168 |  |  |  | - |
Provision of credit loss on note receivable and loan receivable |  |  | 945,000 |  |  |  | 1,092,011 |
Impairment loss of intangible assets |  |  | 987,090 |  |  |  | 845,008 |
Lease liability |  |  | 340,460 |  |  |  | 605,169 |
Unrealized loss on digital assets |  |  | 53,552,364 |  |  |  | - |
Amortization of intangibles |  |  | 342,027 |  |  |  | - |
Total deferred tax assets |  | $ | 64,538,017 |  |  | $ | 8,647,326 |
Less: Valuation allowance |  |  | (64,261,937 | ) |  |  | (8,020,571 | )
Deferred tax assets, net of valuation allowance |  | $ | 276,080 |  |  | $ | 626,755 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Right - of - use assets |  | $ | (296,397 | ) |  | $ | (465,347 | )
Fixed assets |  |  | (671 | ) |  |  | - |
Amortization of intangible assets |  |  | - |  |  |  | (315,319 | )
Total deferred tax liabilities |  | $ | (297,068 | ) |  | $ | (780,666 | )
Total deferred tax liabilities, net |  | $ | (20,988 | ) |  | $ | (153,911 | )

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