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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