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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Schedule of Effective Income Tax Rate | The following table reconciles the federal statutory income rate to the Company’s effective income tax rate:
|  | 2024 |  |  | 2023 |
Federal income tax rate |  |  | 21.00 | % |  |  | 21.00 | %
State income tax benefit |  |  | (0.65 | )% |  |  | (0.10 | )%
Impact of non-U.S. Earnings |  |  | (0.63 | )% |  |  | 0.10 | %
Permanent items |  |  | (7.34 | )% |  |  | (8.20 | )%
Return to provision adjustments |  |  | (0.05 | )% |  |  | 0.00 | %
Non-deductible stock compensation |  |  | (1.03 | )% |  |  | (1.10 | )%
Non-deductible executive compensation |  |  | (1.35 | )% |  |  | 0.00 | %
Tax Credits |  |  | 0.16 | % |  |  | 0.00 | %
Difference and changes in tax rates |  |  | 0.06 | % |  |  | 0.00 | %
Other |  |  | 0.01 | % |  |  | 0.00 | %
Change in valuation allowance |  |  | (11.95 | )% |  |  | (11.82 | )%
Effective income tax rate |  |  | (1.78 | )% |  |  | (0.10 | )%
Schedule of Components of Income Tax Expense/(Benefit) | The components of income tax expense/(benefit) for the years ended December 31, 2024 and 2023 are as follows (in thousands):
|  | 2024 |  |  | 2023 |
Current |  |  |  |  |  |
US Federal |  | $ | 157 |  |  | $ | (5 | )
US State |  |  | 114 |  |  |  | 15 |
Total current provision |  |  | 271 |  |  |  | 10 |
Total provision for income taxes |  | $ | 271 |  |  | $ | 10 |
Schedule of Components of Deferred Tax Assets/(Liabilities) | The main components of deferred tax assets/(liabilities) for the periods ended December 31, 2024 and 2023, are as follows (in thousands):
|  | 2024 |  |  | 2023 |
Deferred income tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 4,518 |  |  | $ | 2,419 |
Capitalized research expenses |  |  | 870 |  |  |  | 717 |
Stock-based compensation |  |  | 337 |  |  |  | 278 |
Lease liabilities |  |  | - |  |  |  | 179 |
Tax credits |  |  | 118 |  |  |  | 44 |
Other |  |  | 81 |  |  |  | 875 |
Total deferred income tax assets |  |  | 6,661 |  |  |  | 4,512 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |
Right-of-use assets |  |  | (412 | ) |  |  | (163 | )
Lease liabilities |  |  | (75 | ) |  |  | - |
Other |  |  | - |  |  |  | - |
Total deferred income tax liabilities |  | $ | (487 | ) |  | $ | (163 | )
Net deferred income tax assets |  | $ | 6,174 |  |  | $ | 4,349 |
Valuation allowance |  |  | (6,174 | ) |  |  | (4,349 | )
Deferred income tax assets, net of valuation allowance |  |  | - |  |  |  | - |

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