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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of provision for income taxes

​

​	​	​	​	​	​	​
​	​	For The Years Ended
​	​	December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Current tax (provision) benefit:	​	​	​	​	​	​
Federal	​	​	—	​	​	—
State and local	​	​	(30,940)	​	​	—
Deferred tax (provision) benefit:	​	​	​	​	​	​
Federal	​	​	9,092,800		​	12,749,587
State and local	​	​	(12,148,400)		​	9,773,203
​	​	​	(3,086,540)		​	22,522,790
Change in valuation allowance	​	​	3,055,600		​	(22,522,790)
Provision for income taxes	​	$	(30,940)		$	—

Schedule of effective income tax rate reconciliation

​

​	​	​	​	​	​
​	​ ​ ​ ​	2025
US Federal statutory tax rate at 21%	​	21.00	%	$	(9,516,031)
State and local taxes, net of federal income tax effect		0.07	%		(31,318)
Tax credits		(1.37)	%		621,947
Changes in valuation allowance		(14.44)	%		6,541,633
Nontaxable or nondeductible items		(0.47)	%		215,053
Other reconciling items related to net operating losses	​	(5.14)	%	​	2,331,301
Other reconciling items related to prior period deferreds		0.42	%		(193,525)
Effective income tax rate		0.07	%	$	(30,940)

​

​	​	​	​
​	​ ​ ​	2024
Federal statutory rate		(21.00)	%
State tax rate, net of federal benefit		(13.20)	%
Permanent differences		1.00	%
Research & development tax credits		(0.80)	%
Prior period adjustments and other		(3.60)	%
Rate and apportionment changes		(7.60)	%
Change in valuation allowance		45.20	%
Effective income tax rate		0.00	%

Schedule of amount of cash taxes paid

​

​	​	​	​	​	​	​
​	​	For The Years Ended
​	​	December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Federal	​	$	—		$	—
State and Local	​	​	​	​	​	​
New York	​		—		​	24,625
New York City	​		(9,665)		​	9,690
All other states	​		1,525		​	1,807
​	​	$	(8,140)		$	36,122

Schedule of deferred tax assets

​

​	​	​	​	​	​	​
​	​	For The Years Ended
​	​	December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Deferred tax assets:	​	​	​		​	​
Net operating loss carryforwards	​	$	35,004,024	​	$	35,921,285
Research and development tax credits	​	​	1,373,706	​	​	1,995,653
Capitalized research and development costs	​	​	3,616,980	​	​	8,177,548
Stock-based compensation	​	​	1,762,617	​	​	3,026,311
Intangible assets	​	​	1,271,620	​	​	3,322,919
Lease liability	​		154,455	​		441,895
Other impaired assets	​	​	489,027	​	​	—
Property and equipment	​	​	102,854	​	​	246,074
Unrealized gain/loss on digital assets	​	​	6,057,526	​	​	—
Current expected credit loss	​	​	87,121	​	​	—
Total gross deferred tax assets	​		49,919,930	​		53,131,685
Valuation allowance	​		(49,830,516)	​		(52,886,116)
Deferred tax assets, net of valuation allowance	​		89,414	​		245,569
Deferred tax liabilities	​		​	​		​
Property and equipment	​	​	—	​	​	—
Right of use asset	​		(89,414)	​		(245,569)
Deferred tax liabilities, net	​	$	—	​	$	—
​	​	​	​	​	​	​
Changes in valuation allowance	​	$	(3,055,600)	​	$	(22,522,790)

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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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