| Schedule of Deferred Tax Assets |
Significant components of the Company’s deferred tax assets as
of December 31, 2025, and 2024 are summarized below.
| |
|
Year Ended December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Deferred tax assets: |
|
|
|
|
|
|
| Amortization |
|
$ |
148,000 |
|
|
$ |
- |
|
| Research & development costs |
|
|
4,286,000 |
|
|
|
2,917,000 |
|
| Warrant liabilities |
|
|
11,000 |
|
|
|
40,000 |
|
| Stock-based compensation |
|
|
345,000 |
|
|
|
307,000 |
|
| Net operating loss carryforwards |
|
|
11,025,000 |
|
|
|
8,126,000 |
|
| Federal R&D tax credit |
|
|
368,000 |
|
|
|
419,000 |
|
| Total deferred tax assets |
|
|
16,183,000 |
|
|
|
11,809,000 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Amortization |
|
|
- |
|
|
|
(83,000 |
) |
| Depreciation |
|
|
- |
|
|
|
(28,000 |
) |
| Net deferred tax assets |
|
|
16,183,000 |
|
|
|
11,698,000 |
|
| Valuation allowance |
|
|
(16,183,000 |
) |
|
|
(11,698,000 |
) |
| |
|
$ |
- |
|
|
$ |
- |
|
|
| 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, 2025, and 2024 is as follows:
| |
|
December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
|
|
|
|
|
| Statutory federal income tax rate |
|
|
21.00 |
% |
|
|
21.00 |
% |
| State taxes, net of federal tax benefit |
|
|
0.00 |
% |
|
|
-0.10 |
% |
| Stock-based compensation |
|
|
-0.10 |
% |
|
|
-0.60 |
% |
| Return to provision adjustment |
|
|
0.20 |
% |
|
|
0.20 |
% |
| Permanent items |
|
|
0.00 |
% |
|
|
0.00 |
% |
| R&D credit generated |
|
|
-0.30 |
% |
|
|
1.70 |
% |
| Other |
|
|
0.50 |
% |
|
|
0.00 |
% |
| Change in valuation allowance |
|
|
-19.80 |
% |
|
|
-22.30 |
% |
| Income tax provision |
|
|
1.50 |
% |
|
|
-0.10 |
% |
|