Post-effective amendment to a registration statement that is not immediately effective upon filing

INCOME TAXES (Tables)

v3.24.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

    2023     2022  
    December 31,  
    2023     2022  
Deferred tax assets:                
Net operating loss carryover   $ 6,479,696     $ 3,871,192  
Stock compensation     325,320       477,055  
Capitalized R&E costs     525,463       260,560  
Other     204,013       5,708  
Operating lease liabilities     79,319       —  
Tax credits     582,206       443,867  
Total deferred tax assets     8,196,018       5,058,382  
Deferred tax liability:                
Right-of-use asset tax liability   $ (77,766 )   $ —  
Depreciation and amortization     (59,248 )     (7,337 )
Total deferred tax liability     (137,014       (7,337 )
Less: valuation allowance     (8,059,004 )     (5,051,045 )
Total property and equipment, net   $ 0     $ 0  
SCHEDULE OF RECONCILIATION OF STATUTORY FEDERAL INCOME TAX RATE

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2023 and 2022, was as follows:

 

    2023     2022  
    December 31,  
    2023     2022  
Tax at federal statutory rate     -21.00 %     -21.00 %
Permanent differences     0.03 %     10.40 %
Research and development credits     0.83 %     2.20 %
Deferred balance true-up     16.07 %     0.00 %
Change in valuation allowance     -37.87 %     10.10 %
Effective income tax rate     0.00 %     0.00 %
SCHEDULE OF UNRECOGNIZED TAX BENEFITS

    2023     2022  
    December 31,  
    2023     2022  
Beginning balance   $ 190,229     $ 49,646  
Additions based on tax positions related to the prior year     30,897       110,681  
Additions based on tax positions related to the current year     28,391       29,902  
Ending balance   $ 249,517     $ 190,229