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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of IncomeTax Expense | Income tax expense for the years ended December 31, 2024 and 2023 consists of the following:
|  | As of December 31, |  |
|  | 2024 |  |  | 2023 |  |
U.S. federal |  |  |  |  |  |  |
Current |  | $ | (718,582 | ) |  | $ | 718,582 |  |
Deferred |  |  | - |  |  |  | - |  |
Total U.S. federal |  |  | (718,582 | ) |  |  | 718,582 |  |
State and local |  |  |  |  |  |  |
Current |  |  | (1,705 | ) |  |  | 5,270 |  |
Deferred |  |  | - |  |  |  | - |  |
Total State and local |  |  | (1,705 | ) |  |  | 5,270 |  |
Income tax expense |  | $ | (720,287 | ) |  | $ | 723,852 |  |
Summary of Reconciliation of Income Tax Benefit at the Statutory Federal Income Tax Rate and Income Taxes | A reconciliation of income tax benefit at the statutory federal income tax rate and income taxes as reflected in the financial statements is as follows:
|  | As of December 31, |  |
Rate reconciliation: |  | 2024 |  |  |  | 2023 |  |
Federal tax benefit at statutory rate |  |  | (21.0 | ) | % |  |  | (21.0 | ) | %
Permanent differences |  |  | 0.6 |  |  |  |  | 0.2 |  |
State income tax |  |  | (0.1 | ) |  |  |  | (0.1 | ) |
Research and development credits |  |  | (2.9 | ) |  |  |  | (2.9 | ) |
Change in tax rate |  |  | 0.0 |  |  |  |  | (0.2 | ) |
Change in valuation allowance |  |  | 16.0 |  |  |  |  | 34.2 |  |
Other |  |  | 2.7 |  |  |  |  | (0.1 | ) |
Total provision |  |  | (4.7 | ) | % |  |  | 10.10 |  | %
Components of Deferred Tax Assets | Significant components of the Company's deferred tax assets consisted of the following:
|  | As of December 31, |
Deferred tax assets |  | 2024 |  |  | 2023 |
Startup costs |  | $ | 1,673,301 |  |  | $ | 2,945,099 |
Section 174 capitalization |  |  | 3,641,638 |  |  |  | 1,860,806 |
Share-based compensation |  |  | 462,487 |  |  |  | 144,105 |
Net operating losses |  |  | 1,351,896 |  |  |  | 439,349 |
Accrued expenses and other |  |  | 222,198 |  |  |  | 45,133 |
Capitalized license fees |  |  | 41,981 |  |  |  | 47,526 |
Credit carryforwards |  |  | 489,284 |  |  |  | 30,035 |
Deferred revenue |  |  | 250,363 |  |  |  | 121,388 |
Fixed assets |  |  | (4,074 | ) |  |  | (8,325 | )
Valuation allowance |  |  | (8,129,074 | ) |  |  | (5,625,116 | )
Deferred tax assets, net of valuation allowance |  | $ | - |  |  | $ | - |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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