Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Income Taxes [Abstract] |
|
| Schedule of Loss Before Income Tax |
The components of loss before income taxes are as follows:
|
|
|
For the Years Ended
December 31,
|
| |
|
2023
|
|
2022
|
|
U.S.
|
|
$
|
(37,106,599 |
)
|
|
$
|
(13,419,830 |
)
|
|
Foreign
|
|
|
(315,688 |
)
|
|
|
|
|
|
Total loss before income taxes
|
|
$
|
(37,422,287 |
)
|
|
$
|
(13,419,830 |
)
|
|
| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of the temporary differences and carryforwards that give rise to deferred tax assets and liabilities consist of the following:
|
|
|
As of December 31,
|
| |
|
2023
|
|
2022
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
Net-operating loss carryforward
|
|
$
|
10,214,760 |
|
|
$
|
2,986,738 |
|
|
Intangibles
|
|
|
3,349,919 |
|
|
|
885,176 |
|
|
Capitalized research and development
|
|
|
1,171,320 |
|
|
|
|
|
|
Stock-based compensation
|
|
|
690,760 |
|
|
|
308,552 |
|
|
Deposit on WraSer APA
|
|
|
854,896 |
|
|
|
|
|
|
Accrued compensation
|
|
|
150,099 |
|
|
|
186,573 |
|
|
License agreement
|
|
|
49,157 |
|
|
|
82,626 |
|
|
Other
|
|
|
520,207 |
|
|
|
65,886 |
|
|
Gross deferred tax assets
|
|
|
17,001,118 |
|
|
|
4,515,551 |
|
|
Valuation allowance
|
|
|
(15,697,701 |
)
|
|
|
(4,512,546 |
)
|
|
Deferred tax assets, net of allowance
|
|
$
|
1,303,417 |
|
|
$
|
3,005 |
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
|
(4,345,449 |
)
|
|
|
|
|
|
Fixed assets
|
|
|
(2,560 |
)
|
|
|
(3,005 |
)
|
|
Other
|
|
|
(29,189 |
)
|
|
|
|
|
|
Total deferred tax liabilities
|
|
$
|
(4,377,198 |
)
|
|
$
|
(3,005 |
)
|
|
Net deferred tax liability
|
|
$
|
(3,073,781 |
)
|
|
$
|
|
|
|
| Schedule of Income Taxes Differs from the Statutory Federal Rate |
The provision for income taxes on earnings subject to income taxes differs from the statutory Federal rate at December 31, 2023 and 2022, due to the following:
|
|
|
For the Years Ended
December 31,
|
| |
|
2023
|
|
2022
|
|
Expected income tax benefit at Federal statutory tax rate
|
|
$
|
(7,858,680 |
)
|
|
$
|
(2,818,164 |
)
|
|
State and local taxes, net of Federal tax benefit
|
|
|
(1,192,605 |
)
|
|
|
(501,277 |
)
|
|
Research credits
|
|
|
|
|
|
|
(16,477 |
)
|
|
Foreign NOL expirations
|
|
|
315,927 |
|
|
|
|
|
|
Stock-based compensation
|
|
|
196,025 |
|
|
|
|
|
|
Subscription agreement liability
|
|
|
181,440 |
|
|
|
|
|
|
Officer’s compensation
|
|
|
(126,337 |
)
|
|
|
|
|
|
Acquisition related costs
|
|
|
164,073 |
|
|
|
|
|
|
Permanent items
|
|
|
55,486 |
|
|
|
194,705 |
|
|
State rate adjustment
|
|
|
(23,135 |
)
|
|
|
19,600 |
|
|
Other
|
|
|
60,599 |
|
|
|
(37,260 |
)
|
|
Change in valuation allowance
|
|
|
8,214,614 |
|
|
|
3,158,873 |
|
|
Income tax benefit
|
|
$
|
(12,593 |
)
|
|
$
|
|
|
|
| Schedule of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|
|
|
For the Years Ended
December 31,
|
| |
|
2023
|
|
2022
|
|
Beginning balance
|
|
$
|
17,010 |
|
$
|
|
|
Increases related to prior year tax positions
|
|
|
|
|
|
11,517 |
|
Increases related to current year tax positions
|
|
|
|
|
|
5,493 |
|
Ending balance
|
|
$
|
17,010 |
|
$
|
17,010 |
|