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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
INCOME TAXES |
Schedule of consolidated loss before income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2024 |  | 2023
Domestic | ​ | $ | (11,722,734) | ​ | $ | (21,913,297)
Foreign | ​ |  | (10,687,048) | ​ |  | (8,147,202)
Total | ​ | $ | (22,409,782) | ​ | $ | (30,060,499)
Schedule of provision from income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ | ​ | 2024 |  | 2023
State Tax, including sale of New Jersey losses & credits | ​ | $ | (1,690,825) | ​ | $ | (813,739)
Foreign tax provision | ​ |  | — | ​ |  | —
Total | ​ | $ | (1,690,825) | ​ | $ | (813,739)
Schedule of deferred tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | ​ | ​ | As Restated
Current and long term deferred tax assets: |  | ​ |  |  | ​ |
Federal NOL | ​ | $ | 21,692,990 | ​ | $ | 20,409,328
Foreign NOL | ​ | ​ | 17,164,274 | ​ | ​ | 15,172,966
NJ NOL | ​ | ​ | 458,536 | ​ | ​ | 1,253,713
Net operating loss carryforward | ​ | ​ | 39,315,800 | ​ | ​ | 36,836,007
Stock Options | ​ |  | 482,824 | ​ |  | 418,776
Federal R&D Credit | ​ | ​ | 2,224,012 | ​ | ​ | 2,113,233
NJ R&D Credit | ​ | ​ | — | ​ | ​ | 197,406
Research and development credit carryforward | ​ |  | 2,224,012 | ​ |  | 2,310,639
Other | ​ | ​ | 458,013 | ​ | ​ | 242,841
Charitable Contributions | ​ | ​ | 5,832 | ​ | ​ | 5,832
Accruals and others | ​ |  | 463,845 | ​ |  | 248,673
§174(b) research & experimental | ​ |  | 5,485,885 | ​ |  | 5,495,850
§163(j) business interest expense | ​ | ​ | 255,450 | ​ | ​ | —
Lease Liability | ​ |  | 3,625,251 | ​ |  | 3,730,280
Gross deferred tax assets | ​ | ​ | 51,853,067 | ​ | ​ | 49,040,225
Less valuation allowance | ​ |  | (48,267,681) | ​ |  | (45,334,554)
​ | ​ | ​ | 3,585,386 | ​ | ​ | 3,705,671
Deferred tax liability: | ​ |  | ​ | ​ |  | ​
Fixed Assets | ​ |  | (349,578) | ​ |  | (315,915)
Right of Use Asset | ​ |  | (3,235,808) | ​ |  | (3,389,756)
Net deferred tax assets | ​ | $ | — | ​ | $ | —
Schedule of effective income tax rate reconciliation | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31, | ​
​ | ​ | 2024 |  | 2023 |
Federal statutory rate |  | 21.0 | % | 21.0 | %
State taxes, net of federal benefit |  | 2.6 |  | 5.1 |
Foreign rate differential |  | 3.1 |  | 2.2 |
Permanent items |  | (3.6) |  | (1.9) |
Other rate change and true-up |  | 0.3 |  | (0.7) |
NJ NOL and R&D credit write-off | ​ | (8.4) | ​ | — | ​
True up of foreign NOLs | ​ | (4.2) | ​ | — | ​
NJ Amended NOL | ​ | 1.8 | ​ | — | ​
Uncertain tax positions | ​ | (0.6) | ​ | (7.0) | ​
Change in valuation allowance |  | (13.1) |  | (20.1) |
R&D credit |  | 1.1 |  | 1.8 |
Sale of 2023 NJ R&D & NOL |  | 7.6 |  | 2.7 |
Other | ​ | — | ​ | (0.4) | ​
Effective income tax rate |  | 7.6 | % | 2.7 | %
Schedule of reconciliation of the unrecognized tax benefit balances | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ | ​ | 2024 |  | 2023
Balance at beginning of the year | ​ | $ | 2,113,233 | ​ | $ | —
Increase for tax positions of prior years | ​ |  | (9,276) | ​ |  | 1,571,431
Increase for tax positions in current year | ​ |  | 120,056 | ​ |  | 541,802
Balance at end of the year | ​ | $ | 2,224,013 | ​ | $ | 2,113,233

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