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 TAXES  
Schedule of components of net deferred income tax asset

​

​

​

​

​

​

​

​

​

    

December 31, 2024

    

December 31, 2023

Deferred tax assets

​

​

​

​

​

​

Net operating loss carry forwards

​

$

8,017,189

​

$

5,517,038

Share-based compensation

​

 

4,054,969

​

 

3,255,964

Research and development credit carryforwards

​

 

331,671

​

 

331,671

Capitalized research and development

​

​

3,752,043

​

​

2,807,846

Other

​

​

154,625

​

​

10,945

Gross deferred tax assets

​

​

16,310,497

​

​

11,923,464

Less valuation allowance

​

​

(16,310,497)

​

​

(11,923,464)

Net deferred tax asset

​

$

—

​

$

—

Summary of reconciliation of income tax expense (benefit)

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

Federal income tax expense at statutory rate

21.0

%

​

21.0

%

State income tax, net of federal benefit

10.2

​

​

10.4

​

Permanent differences

(0.1)

​

​

1.6

​

Research and development tax credit

—

​

​

—

​

Change in valuation allowance

(31.1)

​

​

(33.0)

​

Effective income tax rate

—

%

​

—

%