SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES |
SCHEDULE
OF DEFERRED TAX ASSETS AND LIABILITIES
|
|
|
|
|
|
|
|
|
December
31, |
|
|
|
2024 |
|
|
2023 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Net operating
loss carryover |
|
$ |
8,185,845 |
|
|
$ |
6,479,696 |
|
Stock compensation |
|
|
247,574 |
|
|
|
325,320 |
|
Capitalized R&E
costs |
|
|
662,855 |
|
|
|
525,463 |
|
Bad debt expense |
|
|
203,323 |
|
|
|
145,777 |
|
Other |
|
|
107,538 |
|
|
|
58,236 |
|
Operating lease liabilities |
|
|
274,962 |
|
|
|
79,319 |
|
Tax
credits |
|
|
480,724 |
|
|
|
332,690 |
|
Total deferred tax assets |
|
|
10,162,821 |
|
|
|
7,946,501 |
|
Deferred tax liability: |
|
|
|
|
|
|
|
|
Right-of-use asset tax
liability |
|
$ |
(261,215 |
) |
|
$ |
(77,766 |
) |
Depreciation
and amortization |
|
|
(50,463 |
) |
|
|
(59,248 |
) |
Total deferred tax liability |
|
|
(311,678 |
) |
|
|
(137,014 |
) |
Less:
valuation allowance |
|
|
(9,851,143 |
) |
|
|
(7,809,487 |
) |
Deferred
tax assets (liabilities), net |
|
$ |
— |
|
|
$ |
— |
|
|
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, 2024
and 2023, was as follows:
SCHEDULE
OF RECONCILIATION OF STATUTORY FEDERAL INCOME TAX RATE
|
|
|
|
|
|
|
|
|
December
31, |
|
|
|
2024 |
|
|
2023 |
|
Tax at federal statutory rate |
|
|
-21.00 |
% |
|
|
-21.00 |
% |
Permanent differences |
|
|
0.1 |
% |
|
|
0.03 |
% |
Research and development credits |
|
|
-0.8 |
% |
|
|
-0.83 |
% |
Deferred balance true-up |
|
|
0.00 |
% |
|
|
-16.07 |
% |
Change in valuation
allowance |
|
|
21.7 |
% |
|
|
37.87 |
% |
Effective
income tax rate |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
SCHEDULE OF UNRECOGNIZED TAX BENEFITS |
SCHEDULE
OF UNRECOGNIZED TAX BENEFITS
|
|
|
|
|
|
|
|
|
December
31, |
|
|
|
2024 |
|
|
2023 |
|
Beginning balance |
|
$ |
249,516 |
|
|
$ |
190,228 |
|
Deductions based on tax positions related
to the prior year |
|
|
— |
|
|
|
30,897 |
|
Additions based on
tax positions related to the current year |
|
|
31,691 |
|
|
|
28,391 |
|
Ending balance |
|
$ |
281,207 |
|
|
$ |
249,516 |
|
|