XML 44 R24.htm IDEA: XBRL DOCUMENT v3.24.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Income Tax Benefit

The reconciliation of income tax benefit at the U.S. statutory rate of 21% to the Company’s tax expense is as follows:

Schedule of Reconciliation of Income Tax Benefit

		December 31,				December 31,
		2023				2022
Federal tax benefit at statutory rate		$	(1,384,472	)		$	(635,974	)
State income tax benefit, net of federal tax effect			(452,682	)			(249,847	)
Rate change			(5,710	)			-
R & D tax credits			(240,000	)			(83,975	)
Return to provision adjustments			286,015				66,214
Permanent differences			203,909				(21,355	)
Change in valuation allowance			1,535,466				924,937
Shortfall of stock compensation expense			40,674				-
Other adjustments			16,800				-
Income tax expense		$	-			$	-

Schedule of Components of Deferred Tax Assets

The principal components of deferred tax assets consist of the following:

Schedule of Components of Deferred Tax Assets

		December 31,				December 31,
		2023				2022
Deferred tax asset:
Net operating loss carryforwards		$	1,727,566			$	1,173,451
Fixed assets			-				7,801
Intangibles (includes Section 174 capitalization)			1,197,938				399,644
R&D tax credits			423,915				215,229
Equity based compensation			1,251				-
Interest & other accrued expenses			72,140				45,574
Lease asset/(liability)			6,326				-
Total		$	3,429,136			$	1,841,698

		December 31,				December 31,
Deferred tax Liabilities:		2023				2022
Change in fair market value of securities		$	(19,943	)		$	-
Prepaid expenses			(30,544	)			-
Fixed assets			(2,746	)			-
Total		$	(53,233	)		$	-
Total deferred tax asset		$	3,375,903			$	1,841,698
Less: valuation allowance			(3,375,903	)			(1,841,698	)
Net deferred tax asset		$	-			$	-

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal income tax rate to the Company’s effective tax rate is as follows:

Schedule of Effective Income Tax Rate Reconciliation  

		December 31,				December 31,
		2023				2022
Federal income tax benefit at statutory rate			21.0	%			21.0	%
State income tax benefit, net of federal tax effect			6.9	%			8.3	%
Change in tax rate			0.1	%			0.0	%
R&D tax credits			3.6	%			2.8	%
Return to provision adjustments			(4.3	%)			(2.2	%)
Permanent differences			(3.1	%)			0.7	%
Change in valuation allowance			(23.2	%)			(30.5	%)
Shortfall of stock compensation expense			(0.6	%)			-
Other adjustments			(0.4	%)			(0.1	%)
Total income tax expense			0.0	%			0.0	%

X

- Definition

Schedule Of Pretax Income From Continuing Operations [Table Text Block]

+ References

No definition available.

+ Details

Name:	SHPH_ScheduleOfPretaxIncomeFromContinuingOperationsTableTextBlock
Namespace Prefix:	SHPH_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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 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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-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