Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of income tax expense (benefit)

	2024		2023
Current:
Federal	$	35,088	$	(178,691)
State		—		—
Foreign		1,278		16,608
Total current income tax		36,366		(162,083)
Deferred:
Federal		(15,401)		(194,354)
State		—		—
Foreign		—		—
Total deferred tax		(15,401)		(194,354)
Total income tax expense (benefit)	$	20,965	$	(356,437)

Reconciliation between domestic and international earnings (loss) before income taxes

	2024		2023
Domestic	$	(1,374,250)	$	(14,303,215)
International		(10,090,195)		139,108
Earnings/(loss) before income taxes	$	(11,464,445)	$	(14,164,107)

Reconciliation between the effective income tax rate and the federal statutory income tax rate

	2024		2023
Federal tax at statutory rate	21.0	%	26.5	%
Permanent book/tax differences	(4.9)		(2.1)
Return to provision adjustments	0.6		0.2
Foreign rate differential	0.1		0.1
State tax impact	—		(0.1)
Impact of foreign exchange rate changes	(14.3)		(3.9)
Impact of convertible debt	(2.0)		—
Tax Credits	—		6.4
Change in valuation allowance	(5.7)		(24.6)
Total tax (expense) benefit	(5.2)	%	2.5	%

Summary of significant components of the deferred tax assets and liabilities

	2024		2023
Deferred tax assets:
R&D expenses	$	3,380,350	$	3,667,914
Net operating loss carryforwards		13,401,755		12,612,523
Tax credit carryforwards		3,133,678		3,433,474
Operating lease liabilities		239,253		267,851
Other		73,668		61,016
Total gross deferred tax assets		20,228,704		20,042,778
Valuation allowance		(19,821,008)		(19,519,942)
Total deferred tax assets, net of valuation allowance		407,696		522,836
Deferred tax liabilities
Property and equipment		(60,460)		(151,498)
Intangible assets		(96,660)		(103,239)
Right of use assets		(176,333)		(197,645)
Convertible debt		(740,196)		(51,531)
Other		—		(18,923)
Total gross deferred tax liabilities		(1,073,649)		(522,836)
Net deferred tax liabilities	$	(665,953)	$	—