Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Current Tax Provisions and Deferred Tax Provisions

The current tax provisions and deferred tax provisions, as reflected in the financial statements are as follows as of December 31:

	2024			2023
Current federal taxes	$	—			—
Current state taxes		9,602			4,338
Current tax provision		9,602			4,338
Deferred federal taxes		(4,433,940	)		(3,326,982	)
Deferred state taxes		(342,310	)		(70,586	)
Valuation allowance change		4,776,250			3,397,568
Deferred tax provision		—			—
Total income tax expense provision	$	9,602			4,338

Reconciliation of Income Tax Expense at Statutory Federal Income Tax Rate and Income Taxes

A reconciliation of income tax expense at the statutory federal income tax rate and income taxes as reflected in the financial statements is as follows as of December 31:

	2024			2023
Federal income tax at statutory federal rate		21.00	%		21.00	%
Permanent differences		—			—
Research and development credit		3.00			2.00
Other deferred adjustments		—			—
State income tax expense (net of federal benefit)		2.00			1.00
Valuation allowance		(26.00	)		(24.00	)
Effective tax rate		—	%		—	%

Components of Deferred tax assets (liabilities)

Deferred tax assets (liabilities) consisted of the following as of December 31:

	2024			2023
Deferred tax asset arising from:
Net operating loss carry forwards	$	23,030,273			19,675,117
Accrued expenses (compensation)		138,806			13,172
Intangibles		93,426			86,603
Property and equipment		80,313			77,447
Research and development expense capitalization		3,326,621			2,613,867
Research and development tax credits		3,839,058			3,390,709
Share-based compensation expense		257,891			176,065
Lease liabilities		471,733			536,430
Other		5,210			1,479
Deferred tax asset		31,243,331			26,570,889
Deferred tax liability arising from:
UNICAP		(11,092	)		(10,513	)
Right-of-use assets		(418,323	)		(522,710	)
Property and equipment		—			—
Deferred tax liability		(429,415	)		(533,223	)
Valuation allowance	$	30,813,916			26,037,666
Net deferred tax asset	$	—			—

Federal Net Operating Loss Carryforwards Available to Future Years

The following schedule indicates the expiration year, as of December 31, for the Company’s federal net operating loss carryforwards available to future years without taking into account any Section 382 limitations as of December 31, 2024:

2025	$	865,274
2026		1,213,130
2027		2,082,043
2028		2,536,605
2029		2,235,045
2030		4,132,949
2031		3,160,709
2032		3,533,521
2033		2,987,848
2034		2,516,728
2035		4,777,558
2036		4,503,474
2037		6,869,819
Indefinitely		63,465,789
Total	$	104,880,492