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

INCOME TAXES (Tables)

v3.25.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
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:

 

             
    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

             
    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