| Schedule of Reconciliation of Effective Tax Rates |
The table below reconciles these effective tax rates with the U.S. federal statutory income tax rate as follows:
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|
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|
Year Ended December 31, |
|
2024 |
|
2023 |
| Loss before income taxes |
$ |
(134,906,649) |
|
|
$ |
(50,686,601) |
|
| Tax benefit at Federal Statutory Rate |
(28,330,397) |
|
|
(10,644,186) |
|
Debt extinguishment |
19,393,825 |
|
|
- |
|
| Nondeductible (add back) expenses |
(137,868) |
|
|
1,251,583 |
|
| Federal return to accrual |
(66,938) |
|
|
(13,141) |
|
| Change in valuation allowance |
9,141,378 |
|
|
8,895,230 |
|
| Deferred tax adjustment |
- |
|
|
510,514 |
|
| Income tax expense |
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
| Schedule of Deferred Tax Assets and Liabilities |
Significant components of the deferred tax assets and liabilities are as follows:
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Year Ended December 31, |
|
2024 |
|
2023 |
| Deferred tax assets: |
|
|
|
| Fixed assets |
$ |
3,709,975 |
|
|
$ |
3,377,201 |
|
| Stock compensation |
192,483 |
|
|
267,236 |
|
| Warrant liability gain/loss |
38,202 |
|
|
1,356,828 |
|
| Net operating losses |
25,424,520 |
|
|
15,627,776 |
|
| Business credit carryforward |
1,441,159 |
|
|
1,441,159 |
|
| Capitalized R & D |
467,113 |
|
|
614,299 |
|
| Accrued expenses |
496,060 |
|
|
- |
|
| Other assets |
266,367 |
|
|
199,680 |
|
| Subtotal |
32,035,879 |
|
|
22,884,179 |
|
| Valuation allowance |
(31,805,983) |
|
|
(22,654,106) |
|
| Total deferred tax assets |
229,896 |
|
|
230,073 |
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
| Unrealized F/X |
- |
|
|
(54,729) |
|
| Other liabilities |
(229,896) |
|
|
(175,344) |
|
| Total deferred tax liabilities |
(229,896) |
|
|
(230,073) |
|
|
|
|
|
| Net deferred tax assets/(liabilities) |
$ |
- |
|
|
$ |
- |
|
|