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Income Taxes (Tables)

12 Months Ended

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

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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

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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)
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