| 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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Year Ended December 31, |
|
2023 |
|
2022 |
| Income (loss) before income taxes |
$ |
(50,686,601) |
|
|
$ |
(28,260,571) |
|
| Tax at Federal Statutory Rate |
(10,644,186) |
|
|
(5,934,720) |
|
| Non deductible expenses |
1,251,583 |
|
|
193,421 |
|
| Deferred adjustment |
510,514 |
|
|
- |
|
| Federal return to accrual |
(13,141) |
|
|
- |
|
| Change in valuation allowance |
8,895,230 |
|
|
5,741,299 |
|
| Income tax expense |
$ |
- |
|
|
$ |
- |
|
|
0.00 |
% |
|
0.00 |
% |
|
| 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, |
|
2023 |
|
2022 |
| Deferred tax assets: |
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|
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| Fixed Assets |
$ |
3,377,201 |
|
|
$ |
113,135 |
|
| Stock Compensation |
267,236 |
|
|
758,306 |
|
| Warrant Liability Gain/Loss |
1,356,828 |
|
|
1,356,828 |
|
| Net Operating Losses |
15,627,776 |
|
|
9,666,591 |
|
| Business Credit Carryforward |
1,441,159 |
|
|
1,426,116 |
|
| Capitalized R & D |
614,299 |
|
|
449,626 |
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| Other assets |
199,680 |
|
|
109,616 |
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| Subtotal |
22,884,179 |
|
|
13,880,218 |
|
| Valuation allowance |
(22,654,106) |
|
|
(13,758,875) |
|
| Total deferred tax assets |
230,073 |
|
|
121,343 |
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
| Fixed assets |
— |
|
|
- |
|
| Unrealized F/X |
(54,729) |
|
|
(54,729) |
|
| Other Liabilities |
(175,344) |
|
|
(66,614) |
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| Total deferred tax liabilities |
(230,073) |
|
|
(121,343) |
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|
|
|
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| Net deferred tax assets/(liabilities) |
$ |
- |
|
|
$ |
- |
|
|