v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Domestic and Foreign Components of Loss Before Income Taxes

The following table presents the domestic and foreign components of loss before income taxes:

 

   2025   2024 
   Year Ended December 31, 
   2025   2024 
Domestic   (42,103,363)   (12,197,568)
Foreign   -    - 
Total loss before income taxes  $(42,103,363)  $(12,197,568)
Schedule of Income Tax Provision (Benefit)

The income tax provision (benefit) consists of the following amounts:

 

   2025   2024 
   Year Ended December 31, 
   2025   2024 
Current tax provision (benefit)          
Federal   -    - 
State and local   -    - 
Total current tax provision (benefit)   -    - 
Deferred tax provision (benefit)          
Federal   (4,622,176)     
State and local   (1,564,937)   - 
Total deferred tax provision (benefit)   (6,187,113)   - 
Net tax provision (benefit)  $(6,187,113)  $- 
Schedule of Effective Income Tax Reconciliation

A reconciliation of the income tax provision (benefit) to the amount computed by applying the 21% statutory US Federal Income tax rate to loss before income taxes after adoption of ASU 2023-09 is as follows:

 

   For the years ended December 31, 2025 
Income tax benefit at the federal statutory rate  $(8,841,706)   21.0%
Permanent differences and other   839,473    (2.0)%
State income taxes   (1,564,937)   3.7%
Research and development credit limitation   381,702    (0.9)%
Net operating loss carryforward limitation   6,523,237    (15.5)%
Other   389,084    (0.9)%
Change in valuation allowance   (3,913,966)   9.3%
Effective income tax expense  $(6,187,113)  $14.7%

 

A reconciliation of the income tax provision (benefit) to the amount computed by applying the 21% statutory US Federal Income tax rate to loss before income taxes for years prior to adoption of ASU 2023-09 is as follows:

 

  

For the year

ended

December 31, 2024

 
Income tax benefit at the federal statutory rate   21.0%
Permanent differences and other   (0.2)%
State income taxes   7.0%
Research and development credit   1.1%
Change in valuation allowance   (28.9)%
Effective income tax expense  $0.0%
Schedule of Significant Components of Company’s Deferred Tax Assets

The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows:

 

      
   December 31, 
  2025   2024 
Deferred tax asset (liabilities) related to:        
Federal net operating loss carryforward  $1,266,245   $4,264,000 
State net operating loss carryforward   428,714    1,444,000 
Capitalized costs   1,613,924    1,957,000 
Acquired in-process research and development   1,341,733    1,027,000 
Research and development credit   -    382,000 
Stock compensation   403,744    904,000 
Accrued expenses and other   24,602    211,000 
Digital assets   (117,934,191)   - 
Total deferred tax assets (liabilities)   (112,855,228)   10,189,000 
Valuation allowance   (5,078,963)   (10,189,000)
Deferred tax assets (liabilities), net of valuation allowance  $(117,934,191)  $-