INCOME TAX (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of net pre-tax book income and/or loss for the U.S. and foreign entities |
For financial reporting purposes, the net pre-tax book income and/or loss for the U.S. and foreign entities, in the aggregate, was:
|
|
|
|
|
|
|
|
|
|
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2025 |
|
|
2024 |
|
|
|
|
|
|
|
|
United States |
|
$ |
(21,015,000 |
) |
|
$ |
(19,448,000 |
) |
Foreign |
|
|
— |
|
|
|
— |
|
Total |
|
|
(21,015,000 |
) |
|
|
(19,448,000 |
) |
|
| Schedule of Components of Income Tax Expense |
Income tax expense consisted of the following for the years ended December 31, 2025 and December 31, 2024:
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|
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|
|
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2025 |
|
|
2024 |
|
|
|
|
|
|
|
|
Current |
|
|
|
|
|
|
Federal |
|
$ |
- |
|
|
$ |
- |
|
State |
|
|
- |
|
|
|
- |
|
Foreign |
|
|
- |
|
|
|
- |
|
Subtotal |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
Deferred |
|
|
|
|
|
|
Federal |
|
$ |
- |
|
|
$ |
- |
|
State |
|
|
- |
|
|
|
- |
|
Foreign |
|
|
- |
|
|
|
- |
|
Subtotal |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
Total |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of cash paid for income taxes |
Supplemental disclosure of cash paid during the period for income taxes (net of refunds received) is as follows:
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|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
|
|
|
|
|
Arizona |
|
$ |
— |
|
|
$ |
— |
|
California |
|
|
— |
|
|
|
— |
|
New Jersey |
|
|
— |
|
|
|
— |
|
Total cash paid for income taxes (net of refunds) |
|
|
— |
|
|
|
— |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory tax rate for the years ended December 31, 2025 and December 31, 2024 is as follows:
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|
|
|
|
|
|
|
|
For the Years ended December 31, |
|
|
|
2025 |
|
U.S. federal statutory tax rate |
|
|
(4,412,600 |
) |
|
|
21.00 |
% |
|
|
|
|
|
|
|
State and local income taxes, net of federal income tax effect |
|
|
— |
|
|
|
— |
% |
Tax credits |
|
|
(403,400 |
) |
|
|
1.92 |
% |
Changes in valuation allowances |
|
|
4,246,200 |
|
|
|
(20.21 |
)% |
|
|
|
|
|
|
|
Nontaxable or nondeductible items |
|
|
|
|
|
|
Other |
|
|
106,800 |
|
|
|
(0.50 |
)% |
|
|
|
|
|
|
|
Changes in unrecognized tax benefits |
|
|
— |
|
|
|
— |
% |
|
|
|
|
|
|
|
Other adjustments |
|
|
|
|
|
|
Stock-based compensation |
|
|
447,200 |
|
|
|
(2.13 |
)% |
Other |
|
|
15,800 |
|
|
|
(0.08 |
)% |
|
|
|
|
|
|
|
Effective income tax rate |
|
|
— |
|
|
|
— |
% |
|
| Schedule of Deferred Tax Assets and Liabilities |
The following items comprise the Company’s net deferred tax assets and liabilities as of December 31, 2025 and December 31, 2024:
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|
|
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|
2025 |
|
|
2024 |
|
Deferred tax assets (liabilities): |
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
11,132,100 |
|
|
$ |
7,479,400 |
|
Research and Development Credits |
|
|
1,349,800 |
|
|
|
776,000 |
|
Accrued Expenses |
|
|
275,000 |
|
|
|
183,400 |
|
Stock based compensation |
|
|
1,456,400 |
|
|
|
1,022,200 |
|
Capitalized Research and Development Expenditures |
|
|
3,188,000 |
|
|
|
3,468,300 |
|
Total deferred tax assets |
|
|
17,401,300 |
|
|
|
12,929,300 |
|
Valuation Allowance |
|
|
(17,378,400 |
) |
|
|
(12,927,600 |
) |
Total Deferred Tax Liability |
|
|
(22,900 |
) |
|
|
(1,700 |
) |
Net Deferred Tax Assets |
|
|
— |
|
|
|
— |
|
|