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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Schedule of Company’s Loss Before Income Taxes | The Company’s loss before income taxes includes the following components:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
United States loss before income taxes |  | $ | 7,639,148 |  |  | $ | 15,928,780 |
China loss before income taxes |  |  | 264,246 |  |  |  | 778,230 |
Total loss before income taxes |  | $ | 7,903,394 |  |  | $ | 16,707,010 |
Schedule of Components of Income Taxes Expense (Benefit) | Components of income taxes expense (benefit) consisted of the following:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |
U.S. federal |  | $ | - |  |  | $ | - |
U.S. state and local |  |  | - |  |  |  | - |
China |  |  | - |  |  |  | - |
Total current income taxes expense |  | $ | - |  |  | $ | - |
Deferred: |  |  |  |  |  |  |  |
U.S. federal |  | $ | (4,874 | ) |  | $ | (3,256,007 | )
U.S. state and local |  |  | (1,650 | ) |  |  | (1,102,392 | )
China |  |  | 93,437 |  |  |  | (183,443 | )
Total deferred income taxes (benefit) |  | $ | 86,913 |  |  | $ | (4,541,842 | )
Change in valuation allowance |  |  | (86,913 | ) |  |  | 4,541,842 |
Total income taxes expense |  | $ | - |  |  | $ | - |
Schedule of U.S. Statutory Rate and the Company’s Effective Tax Rate | The table below summarizes the differences between the U.S. statutory rate and the Company’s effective tax rate for the years ended December 31, 2024 and 2023:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
U.S. federal rate |  |  | 21.0 | % |  |  | 21.0 | %
U.S. state rate |  |  | 6.4 | % |  |  | 6.7 | %
Permanent difference |  |  | (1.3 | )% |  |  | (0.1 | )%
Non-US rate differential |  |  | 0.1 | % |  |  | 0.2 | %
True ups |  |  | (27.3 | )% |  |  | (0.6 | )%
U.S. valuation allowance |  |  | 1.1 | % |  |  | (27.2 | )%
Total provision for income taxes |  |  | 0.0 | % |  |  | 0.0 | %
Schedule of Deferred Taxes | The Company’s components of deferred taxes as of December 31, 2024 and 2023 were as follows:
|  | December 31, 2024 |  |  | December 31, 2023 |
Deferred tax assets |  |  |  |  |  |
Stock-based compensation |  | $ | 1,598,257 |  |  | $ | 3,501,507 |
Disallowed business interest deduction |  |  | - |  |  |  | 9,476 |
Research and development expense |  |  | 106,783 |  |  |  | 130,823 |
Accrued directors’ compensation |  |  | 104,977 |  |  |  | 165,490 |
Accrued settlement |  |  | 140,904 |  |  |  | 126,496 |
Partnership Investment |  |  | 2,167,965 |  |  |  | 2,422,744 |
Lease liability |  |  | 1,687 |  |  |  | 20,935 |
Capital loss limitation |  |  | 149,394 |  |  |  | 149,394 |
Net operating loss carryforward |  |  | 17,648,077 |  |  |  | 15,493,570 |
Total deferred tax assets, gross |  |  | 21,918,044 |  |  |  | 22,020,435 |
Valuation allowance |  |  | (21,784,638 | ) |  |  | (21,871,551 | )
Total deferred tax assets, net |  | $ | 133,406 |  |  | $ | 148,884 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Fixed assets and intangible assets book/tax basis difference |  | $ | (133,406 | ) |  | $ | (129,636 | )
Right-of-use assets |  |  | - |  |  |  | (19,248 | )
Total deferred tax liabilities |  | $ | (133,406 | ) |  | $ | (148,884 | )
Net deferred tax assets |  | $ | - |  |  | $ | - |

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- 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
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