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 [Abstract]  
Schedule of Net Deferred Taxes

The significant items comprising the Company’s net deferred taxes as of December 31, 2024 and 2023 are as follows:

 

    As of December 31,  
    2024     2023  
Net operating loss   $ 9,042,902     $ 8,790,076  
Stock options and compensation     2,440,539       2,440,539  
Deferred revenue     318,610       324,159  
Other     576,224       571,694  
Valuation allowance     (12,378,275 )     (12,126,468 )
Total deferred tax asset    
-
     
-
 
                 
Basis difference fixed assets    
-
     
-
 
Total deferred tax liability    
-
     
-
 
                 
Net deferred tax asset (liability)   $
-
    $
-
 
Schedule of (Benefit from) Income Taxes

The components of the provision for (benefit from) income taxes consist of the following:

 

    As of December 31,  
    2024     2023  
Current tax:            
Federal   $
-
    $
-
 
State    
-
     
-
 
Total   $
-
    $
-
 
                 
Deferred tax:                
Federal   $ (233,463 )   $ (915,543 )
State     (18,344 )     (71,935 )
Less: change in valuation allowance     251,807       987,478  
     
-
     
-
 
Total   $
-
    $
-
 
Schedule of Provision for (Benefit from) Income Taxes Statutory Rate

The provision for (benefit from) income taxes varies from the amount computed by applying the statutory rate for reasons summarized below:

 

    As of December 31,
2024
    As of December 31,
2023
 
Net loss before tax per financial statements   $ (1,136,225 )           $ (3,981,144 )        
                                 
Statutory rate     (238,607 )     21.00 %     (836,040 )     21.00 %
State tax rate     (18,748 )     1.65 %     (65,689 )     1.65 %
Permanent items     5,548       (0.49 )%     (85,749 )     2.15 %
Rate change    
 
      0.00 %    
 
      0.00 %
Change in valuation allowance     251,807       (22.16 )%     987,478       (24.80 )%
    $
-
      0.00 %   $
-
      0.00 %