Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAX (Tables)

v3.25.0.1
INCOME TAX (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
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, 2024 and December 31, 2023 is as follows:
For the Years ended December 31,
2024 2023
Computed “expected” tax benefit (4,100,000) 21.00  % (3,074,000) 21.00  %
Increase (reduction) in income taxes resulting from):
State tax, net of federal benefit —  —  % —  —  %
Permanent items 4,400  (0.02) % (80,500) 0.55  %
Stock-based compensation —  —  221,200  (1.51) %
Research and development credits (156,900) 0.80  % (241,800) 1.65  %
Other 417,100  (2.14) % 130,600  (0.89) %
Change in valuation allowance 3,835,400  (19.64) % 3,044,500  (20.80) %
Total —  —  % —  —  %
Schedule of Deferred Tax Assets and Liabilities
The following items comprise the Company’s net deferred tax assets and liabilities as of December 31, 2024 and December 31, 2023:

2024 2023
Deferred tax assets (liabilities):
Net operating loss carryforwards
 $ 7,479,400  $ 5,799,000 
Research and Development Credits
 776,000  619,000 
Accrued Expenses 183,400  — 
Stock based compensation 1,022,200  647,000 
Capitalized Research and Development Expenditures 3,468,300  2,027,200 

Total deferred tax assets
 12,929,300  9,092,200 
Valuation Allowance
 (12,927,600) (9,092,200)
Total Deferred Tax Liability (1,700)
Net Deferred Tax Assets
 —  —