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Income Taxes | 12 Months Ended
--- | ---
Dec. 30, 2024
Income Taxes |
Income Taxes | Note 9 - Income Taxes The Company has estimated net operating losses for the years ended December 31, 2024 and 2023 of $37.5 million and $33.1 million, respectively, available to offset taxable income in future years. The significant components of deferred income taxes and assets as of December 31, 2024 and December 31, 2023 are as follows:
Net Deferred Tax Liability |  | December 31, 2024 |  |  | December 31, 2023 |
|  | $ |  |  | $ |
Excess of tax over book depreciation and amortization |  |  | (68,649 | ) |  |  | (71,391 | )
ROU Asset |  |  | (112,615 | ) |  |  | (108,326 | )
Lease Liability |  |  | 119,084 |  |  |  | 113,834 |
Accrued expenses |  |  | 7,842 |  |  |  | 8,933 |
Capitalized research expenses |  |  | 3,285,031 |  |  |  | 2,723,982 |
Stock-based compensation |  |  | 313,788 |  |  |  | 322,177 |
Net Operating Losses carry-forward |  |  | 37,535,523 |  |  |  | 33,092,721 |
Research and development tax credits |  |  | 824,069 |  |  |  | 1,033,416 |
Gross deferred tax assets |  |  | 41,904,073 |  |  |  | 37,115,346 |
Valuation allowance |  |  | (41,904,073 | ) |  |  | (37,115,346 | )
Net deferred tax asset |  |  | - |  |  |  | - |
Change in Valuation Allowance |  |  | (4,788,727 | ) |  |  |  |
Summary Rate Reconciliation |  | December 31, 2024 |  |  | December 31, 2023 |
|  | % |  |  | % |
Federal statutory rate |  |  | 21.0 |  |  |  | 21.0 |
Permanent Differences |  |  | (0.6 | ) |  |  | (3.3 | )
Stock based compensation |  |  | (0.5 | ) |  |  | (0.8 | )
Federal Research & Development Credits |  |  | 0.3 |  |  |  | 0.7 |
Foreign taxes |  |  | (0.4 | ) |  |  | (0.2 | )
Federal Deferred Rate Decrease |  |  | - |  |  |  | - |
Change in Valuation Allowance |  |  | (19.8 | ) |  |  | (17.5 | )
Total |  |  | - |  |  |  | (0.1 | )
Disclosure Amounts |  | December 31, 2024 |  |  |  |  |
Net Operating Losses - United States |  |  | 50,144,452 |  |  |  |  |
Net Operating Losses - Foreign |  |  | 114,230,276 |  |  |  |  |
Credit Carryforward - United States |  |  | - |  |  |  |  |
Credit Carryforward - Foreign |  |  | 823,069 |  |  |  |  |
Increase in Valuation Allowance |  |  | 4,788,727 |  |  |  |  |

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