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Income taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of components of income taxes

Year ended December 31,

2024

2023

 

Foreign

    

$

(218,261)

    

$

(365,750)

Domestic

 

(12,740,450)

 

(13,921,006)

Net loss

$

(12,958,711)

$

(14,286,756)

Summary of reconciliation of the effect of applying federal statutory rate to the net loss and the effective income tax rate

Year ended December 31,

2024

2023

Statutory federal income tax rate

    

21.0

%  

21.0

%  

Permanent differences

 

(0.1)

%  

%  

Section 162(m) limitation

%  

10.3

%  

Changes in valuation allowance

 

(19.7)

%  

(31.1)

%  

Other

 

(1.2)

%  

(0.2)

%  

Effective income tax rate

 

%  

%  

Summary of significant components of deferred taxes

December 31,

2024

2023

Deferred tax assets:

    

  

    

  

Net operating loss carryforward

$

41,058,034

$

41,784,757

Stock compensation

4,051,018

3,955,371

Amortization

39,412

56,882

Capitalized research and development costs

4,850,529

3,487,955

Fixed Assets

981

3,574

Accrued Expenses

165,558

155,320

Gross deferred tax assets

 

50,165,532

 

49,443,859

Valuation allowance

 

(50,165,532)

 

(49,443,859)

Total deferred tax assets

$

$