XML 170 R37.htm IDEA: XBRL DOCUMENT
v3.25.2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Taxes [Abstract] |
Schedule of Net Loss for the Years | Net loss for the years ended December 31, 2024 and 2023, was as follows:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Domestic |  | $ | (41,380,390 | ) |  | $ | (9,557,067 | )
Foreign |  |  | (6,167,378 | ) |  |  | (6,081,522 | )
Net Loss |  | $ | (47,547,768 | ) |  | $ | (15,638,589 | )
Schedule of Provision for Income Taxes | Provision for income taxes for the years ended December 31, 2024 and 2023, consisted of the following:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Current tax provision |  | $ | - |  |  | $ | - |
Federal |  |  |  |  |  |  |  |
State and local |  |  | 15,325 |  |  |  | 7,141 |
Foreign |  |  | - |  |  |  | 67,356 |
Total current tax provision |  |  | 15,325 |  |  |  | 74,497 |
Deferred tax provision Federal |  |  | - |  |  |  | - |
State and local |  |  | - |  |  |  | - |
Foreign |  |  | - |  |  |  | - |
Total deferred tax provision |  |  | - |  |  |  | - |
Total provision for income taxes |  | $ | 15,325 |  |  | $ | 74,497 |
Schedule of Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) consist of the following:
|  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |
Stock options issued for services |  | $ | 1,160,726 |  |  | $ | 135,604 |
Net Operating Loss Carryforwards |  |  | 35,154,469 |  |  |  | 27,783,834 |
Section 174 Expenditures |  |  | 2,483,764 |  |  |  | 1,243,418 |
R&D Tax Credits |  |  | 6,818,064 |  |  |  | 6,406,470 |
Interest carryforward |  |  | 954,073 |  |  |  | - |
Other |  |  | 481,565 |  |  |  | 469,896 |
Total gross deferred tax assets |  |  | 47,052,660 |  |  |  | 36,039,222 |
Less Valuation Allowance |  |  | (47,011,175 | ) |  |  | (35,566,934 | )
Net deferred tax assets |  | $ | 41,485 |  |  | $ | 472,288 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Fixed Assets |  |  | - |  |  | $ | 101,757 |
Right of Use Asset |  |  | (25,298 | ) |  |  | (113,698 | )
Amortization |  |  | - |  |  |  | 13,080 |
Unrealized Fx gain (loss) |  |  | (776 | ) |  |  | (473,427 | )
Other |  |  | (15,411 | ) |  |  | - |
Total gross deferred tax liabilities |  |  | (41,485 | ) |  | $ | (472,288 | )
Net deferred tax liabilities |  | $ | - |  |  | $ | - |
Schedule of Federal Statutory Income Tax Rate to Our Effective Income Tax Rate | The reconciliation of federal statutory income tax rate to our effective income tax rate is as follows for the years ended December 31:
|  | 2024 |  |  | 2023 |
Federal income tax at the Statutory Rate |  |  | 21.00 | % |  |  | 21.00 | %
Earnout-Share Liability |  |  | (6.87 | )% |  |  |  |
Permanent Items |  |  | (1.26 | )% |  |  | (0.21 | )%
Foreign |  |  | 0.52 | % |  |  | 7.80 | %
State Taxes |  |  | 0.27 | % |  |  | 24.10 | %
Return to Provision |  |  | (0.01 | )% |  |  | 0.09 | %
Other |  |  | 0.69 | % |  |  | 6.79 | %
Change in valuation allowance |  |  | (14.34 | )% |  |  | (60.27 | )%
Total tax benefit |  |  | - | % |  |  | - | %

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration