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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | 12. Income Taxes Loss from operations before income taxes for the years ended December 31, 2024 and 2023 is summarized below (in thousands): Schedule of Income before Income Tax, Domestic and Foreign
|  | 2024 |  |  | 2023 |
|  | For the year ended December 31, |
|  | 2024 |  |  | 2023 |
Loss from operations before income taxes: |  |  |  |  |  |  |  |
US |  |  | (12,855 | ) |  |  | (1,990 | )
Foreign |  |  | (4,947 | ) |  |  | 1,454 |
Loss from operations before income taxes |  |  | (17,802 | ) |  |  | (536 | )
The provision (benefit) for income taxes for the years ended December 31, 2024 and December 31, 2023 is as follows (in thousands): Schedule of Provision for Income Tax
|  | 2024 |  |  | 2023 |
|  | For The Years Ended |
|  | 2024 |  |  | 2023 |
Current |  |  |  |  |  |  |  |
Federal |  |  | - |  |  |  | - |
State |  |  | - |  |  |  | - |
Foreign |  |  | - |  |  |  | - |
Current income tax |  |  | - |  |  |  | - |
Deferred |  |  |  |  |  |  |  |
Federal |  |  | (2,429 | ) |  |  | (843 | )
State |  |  | 355 |  |  |  | (355 | )
Foreign |  |  | (931 | ) |  |  | (251 | )
Deferred income tax |  |  | (3,005 | ) |  |  | (1,449 | )
Change in Valuation Allowance |  |  | 3,005 |  |  |  | 1,449 |
Net Income Tax Expense |  |  | - |  |  |  | - |
Income tax provision differed from the amount computed by applying the U.S. federal income tax rate of 21% to income (loss) before taxes, as follows (in thousands): Schedule of Federal Income Tax Rate
|  | US |  |  | Foreign |  |  | Consolidated |
|  | For The Year Ended |
|  | 2024 |
|  | US |  |  | Foreign |  |  | Consolidated |
Taxes at federal statutory rate |  | $ | (2,705 | ) |  | $ | (1,039 | ) |  | $ | (3,744 | )
Foreign Rate Differential |  |  | - |  |  |  | 91 |  |  |  | 91 |
Meals & Entertainment |  |  | 0 |  |  |  | - |  |  |  | 0 |
Eq Comp Perm |  |  | 84 |  |  |  | - |  |  |  | 84 |
Convertible Debt Adjustment |  |  | 268 |  |  |  | - |  |  |  | 268 |
State Re-Rate |  |  | 355 |  |  |  | - |  |  |  | 355 |
Other |  |  | (76 | ) |  |  | 17 |  |  |  | (59 | )
Change In Valuation Allowance |  |  | 2,074 |  |  |  | 931 |  |  |  | 3,005 |
Total provision (benefit) for income taxes |  | $ | - |  |  | $ | - |  |  | $ | - |
|  | US |  |  | Foreign |  |  | Consolidated |
|  | For The Year Ended |
|  | 2023 |
|  | US |  |  | Foreign |  |  | Consolidated |
Taxes at federal statutory rate |  | $ | (417 | ) |  | $ | 305 |  |  | $ | (112 | )
State Taxes |  |  | (175 | ) |  |  | - |  |  |  | (175 | )
Foreign Rate Differential |  |  | - |  |  |  | 490 |  |  |  | 490 |
Meals & Entertainment |  |  | 0 |  |  |  | 2 |  |  |  | 2 |
Eq Comp Perm |  |  | 3 |  |  |  | - |  |  |  | 3 |
Convertible Debt Adjustment |  |  | - |  |  |  | (1,048 | ) |  |  | (1,048 | )
Purchase Accounting Adjustment |  |  | (609 | ) |  |  | - |  |  |  | (609 | )
Change In Valuation Allowance |  |  | 1,198 |  |  |  | 251 |  |  |  | 1,449 |
Total provision (benefit) for income taxes |  | $ | - |  |  | $ | - |  |  | $ | - |
The tax effects of temporary differences which give rise to significant portions of deferred tax assets are as follows as of December 31 (in thousands): Schedule of Deferred Tax Assets and Liabilities
|  | US |  |  | Foreign |  |  | Consolidated |
|  | For The Year Ended |
|  | 2024 |
|  | US |  |  | Foreign |  |  | Consolidated |
Deferred Tax Assets |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 280 |  |  | $ | - |  |  | $ | 280 |
Transaction Costs |  |  | 393 |  |  |  | - |  |  |  | 393 |
Research & Development |  |  | 671 |  |  |  | - |  |  |  | 671 |
Accruals |  |  | 141 |  |  |  | - |  |  |  | 141 |
Net operating loss |  |  | 1,788 |  |  |  | 1,182 |  |  |  | 2,970 |
Total deferred tax asset |  |  | 3,273 |  |  |  | 1,182 |  |  |  | 4,455 |
Valuation allowance |  |  | (3,273 | ) |  |  | (1,182 | ) |  |  | (4,455 | )
Net deferred tax assets (liability) |  | $ | - |  |  | $ | - |  |  | $ | - |
|  | US |  |  | Foreign |  |  | Consolidated |
|  | For The Year Ended |
|  | 2023 |
|  | US |  |  | Foreign |  |  | Consolidated |
Deferred Tax Assets |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 37 |  |  | $ | - |  |  | $ | 37 |
Transaction Costs |  |  | 599 |  |  |  |  |  |  |  | 599 |
Net operating loss |  |  | 562 |  |  |  | 251 |  |  |  | 813 |
Total deferred tax asset |  |  | 1,198 |  |  |  | 251 |  |  |  | 1,449 |
Valuation allowance |  |  | (1,198 | ) |  |  | (251 | ) |  |  | (1,449 | )
Net deferred tax assets (liability) |  | $ | - |  |  | $ | - |  |  | $ | - |
As of December 31, 2024 and December 31, 2023, the Company had net operating loss (“NOL”) carryforwards for U.S. federal” purposes of approximately $8.5 million and $1.9 million, respectively, which carryforward indefinitely and can offset 80% of taxable income in future years. As of December 31, 2024 and December 31, 2023, the Company had state NOL carryforwards of nil and $1.9 million, respectively. As of December 31, 2024 and December 31, 2023, the Company had net operating loss (“NOL”) carryforwards for foreign purposes of approximately $4.7 million and $1.0 million, respectively, which carryforward indefinitely. Net operating loss (NOL) carryforwards are subject to limitations in the event of a change in control under Section 382 of the Internal Revenue Code. This section limits the amount of taxable income that can be offset by NOLs after an ownership change. The limitation is calculated as the value of the old loss corporation multiplied by the long-term tax-exempt rate. If the new loss corporation does not continue the business enterprise of the old loss corporation for a specified period, the NOL carryforwards may be disallowed. The Company has not yet conducted a Section 382 study to determine whether any ownership changes have occurred that would impose annual limitations on its ability to utilize its NOL carryforwards. Until such a study is completed, there is substantial uncertainty regarding the amount of NOL carryforwards that could be utilized annually to offset future taxable income. The Company establishes a valuation allowance when it is more likely than not that the Company’s recorded net deferred tax asset will not be realized. In determining whether a valuation allowance is required, the Company must take into account all positive and negative evidence with regard to the utilization of a deferred tax asset. As of December 31, 2024 and December 31, 2023, the valuation allowance for deferred tax assets totaled approximately $4.5 million and $1.4 million, respectively.

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