Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Schedule of Company’s Loss Before Income Taxes

The Company’s loss before income taxes includes the following components:

	Years Ended December 31,
	2024		2023
United States loss before income taxes	$	7,639,148	$	15,928,780
China loss before income taxes		264,246		778,230
Total loss before income taxes	$	7,903,394	$	16,707,010

Schedule of Components of Income Taxes Expense (Benefit)

Components of income taxes expense (benefit) consisted of the following:

	Years Ended December 31,
	2024			2023
Current:
U.S. federal	$	-		$	-
U.S. state and local		-			-
China		-			-
Total current income taxes expense	$	-		$	-
Deferred:
U.S. federal	$	(4,874	)	$	(3,256,007	)
U.S. state and local		(1,650	)		(1,102,392	)
China		93,437			(183,443	)
Total deferred income taxes (benefit)	$	86,913		$	(4,541,842	)
Change in valuation allowance		(86,913	)		4,541,842
Total income taxes expense	$	-		$	-

Schedule of U.S. Statutory Rate and the Company’s Effective Tax Rate

The table below summarizes the differences between the U.S. statutory rate and the Company’s effective tax rate for the years ended December 31, 2024 and 2023:

	Years Ended December 31,
	2024			2023
U.S. federal rate		21.0	%		21.0	%
U.S. state rate		6.4	%		6.7	%
Permanent difference		(1.3	)%		(0.1	)%
Non-US rate differential		0.1	%		0.2	%
True ups		(27.3	)%		(0.6	)%
U.S. valuation allowance		1.1	%		(27.2	)%
Total provision for income taxes		0.0	%		0.0	%

Schedule of Deferred Taxes

The Company’s components of deferred taxes as of December 31, 2024 and 2023 were as follows:

	December 31, 2024			December 31, 2023
Deferred tax assets
Stock-based compensation	$	1,598,257		$	3,501,507
Disallowed business interest deduction		-			9,476
Research and development expense		106,783			130,823
Accrued directors’ compensation		104,977			165,490
Accrued settlement		140,904			126,496
Partnership Investment		2,167,965			2,422,744
Lease liability		1,687			20,935
Capital loss limitation		149,394			149,394
Net operating loss carryforward		17,648,077			15,493,570
Total deferred tax assets, gross		21,918,044			22,020,435
Valuation allowance		(21,784,638	)		(21,871,551	)
Total deferred tax assets, net	$	133,406		$	148,884
Deferred tax liabilities
Fixed assets and intangible assets book/tax basis difference	$	(133,406	)	$	(129,636	)
Right-of-use assets		-			(19,248	)
Total deferred tax liabilities	$	(133,406	)	$	(148,884	)
Net deferred tax assets	$	-		$	-