| Schedule of Deferred Tax Assets |
Significant components of the Company’s
deferred tax assets as of December 31, 2024 and 2023 are summarized below.
| |
|
December 31, 2024 |
|
|
December 31, 2023 |
|
| Deferred tax assets: |
|
|
|
|
|
|
| Amortization |
|
$ |
- |
|
|
$ |
7,000 |
|
| Research & development costs |
|
|
2,917,000 |
|
|
|
1,977,000 |
|
| ROU asset |
|
|
- |
|
|
|
1,000 |
|
| Warrant liabilities |
|
|
40,000 |
|
|
|
19,000 |
|
| Stock-based compensation |
|
|
307,000 |
|
|
|
430,000 |
|
| Net operation loss carryforwards |
|
|
8,126,000 |
|
|
|
5,146,000 |
|
| Federal R&D tax credit |
|
|
419,000 |
|
|
|
59,000 |
|
| Total deferred tax asset |
|
|
11,809,000 |
|
|
|
7,639,000 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Amortization |
|
|
(83,000 |
) |
|
|
- |
|
| Depreciation |
|
|
(28,000 |
) |
|
|
(25,000 |
) |
| Net deferred tax asset |
|
|
11,698,000 |
|
|
|
7,614,000 |
|
| Valuation allowance |
|
|
(11,698,000 |
) |
|
|
(7,614,000 |
) |
| |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Reconciliation of the Federal Income Tax Rate |
A reconciliation
of the federal income tax rate to the Company’s effective tax rate at December 31, 2024 and 2023 is as follows:
| |
|
December 31,
2024 |
|
|
December 31,
2023 |
|
| Statutory federal income tax rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
| State taxes, net of federal tax benefit |
|
|
(0.1 |
)% |
|
|
1.7 |
% |
| Stock-based compensation |
|
|
(0.6 |
)% |
|
|
(0.9 |
)% |
| Return to provision adjustment |
|
|
(0.2 |
)% |
|
|
6.6 |
% |
| Permanent items |
|
|
- |
% |
|
|
- |
% |
| R&D credit generated |
|
|
1.7 |
% |
|
|
|
|
| Other |
|
|
-% |
|
|
|
(6.0 |
)% |
| Change in valuation allowance |
|
|
(22.3 |
)% |
|
|
(22.4 |
)% |
| Income tax provision |
|
|
(0.1 |
)% |
|
|
— |
% |
|