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INCOME TAXES (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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