| SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES |
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:
SCHEDULE
OF RECONCILIATION OF STATUTORY FEDERAL INCOME TAX RATE
| | |
| | |
| |
| | |
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 |
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 | |
|