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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows:
| For the Year Ended December 31, |
| 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |
Net operating loss and tax credit carryforwards | $ | 53,001,832 |  |  | $ | 67,688,664 |
Excess of book over tax depreciation |  | — |  |  |  | 39,070 |
Stock option and restricted stock award expense |  | 2,294,946 |  |  |  | 1,799,988 |
Debt Extinguishment |  | 61,946 |  |  |  | 61,946 |
Less: valuation allowance |  | (55,169,825 | ) |  |  | (69,345,930 | )
| $ | 188,899 |  |  | $ | 243,738 |
Deferred tax liability: |  |  |  |  |
Property and equipment basis | $ | 40,394 |  |  | $ | 84,020 |
Prepaid expenses |  | 148,505 |  |  |  | 159,718 |
| $ | 188,899 |  |  | $ | 243,738 |
Net deferred tax asset | $ | — |  |  | $ | — |
Schedule of Change in Valuation Allowance | The change in the valuation allowance is as follows:
December 31, 2024 | $ | 55,169,825 |
December 31, 2023 |  | 69,345,930 |
Change in valuation allowance | $ | (14,176,105 | )
Schedule of Federal and State income Tax Provision (Benefit) | The federal and state income tax provision (benefit) is summarized as follows for the years ended:
| For the Year Ended December 31, |
| 2024 |  |  | 2023 |
Income tax at the statutory rate | $ | 3,093,385 |  |  | $ | 1,122,622 |
Effects of: |  |  |  |  |
State income taxes net of federal benefits |  | 640,036 |  |  |  | 294,020 |
Nondeductible expense |  | 589,781 |  |  |  | 698,160 |
Subpart F income |  | 1,305,118 |  |  |  | 6,418,307 |
Derivatives fair value |  | (3,357,883 | ) |  |  | 2,200,259 |
Change in valuation allowance |  | 2,369,354 |  |  |  | (1,721,451 | )
OML termination |  | 1,076,377 |  |  |  | — |
Foreign rate differential |  | (5,716,168 | ) |  |  | (9,011,917 | )
| $ | — |  |  | $ | — |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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