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

%

%