Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAX (Tables)

v3.25.1
INCOME TAX (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
SCHEDULE OF DEFERRED TAX ASSETS

Net deferred tax assets (liabilities) consist of the following components as of December 31:

 

    2024     2023  
Deferred Tax Assets (Liabilities):                
Net operating losses   $ 25,430,000     $ 20,861,000  
Stock-based compensation     1,899,000       3,035,000  
Interest expense     381,000       179,000  
Accounts receivable reserve     129,000       121,000  
Contributions carryover     242,000       285,000  
Research and development credits     -       839,000  
Intangibles     (8,307,000 )     (8,358,000 )
Inventory     684,000     (361,000 )
Research and development costs     57,000       27,000  
Total deferred tax assets:     20,515,000       16,628,000  
Less valuation allowance     (20,515,000 )     (16,628,000 )
Net deferred tax assets (liabilities)   $ -     $ -  
SCHEDULE OF INCOME TAX PROVISION

The income tax provision for the years ended December 31 is comprised of:

 

      2024       2023  
Current federal   $ -     $ -  
Current state     -       -  
Deferred federal     -       -  
Deferred state     -       -  
Provision for income tax   $ -     $ -  
SCHEDULE OF EFFECTIVE INCOME RATE RECONCILIATION

The income tax provision differs from the amount of income tax determined by applying the U.S. federal and effective state income tax rates to pretax income from operations for the years ended December 31, due to the following:

 

    2024     2023  
Book loss   $ (4,939,354 )   $ (12,984,984 )
Meals and entertainment     10,426       14,467  
Goodwill impairment     4,009,454       8,286,700  
Fair value share adjustment     (2,950,664 )     60,313  
Opening balance sheet (acquisitions)     -     (10,977,844 )
True up adjustment     (10,350 )     310,513  
Other non-deductible expenses     (6,512 )     17,835  
Change in valuation allowance     3,887,000       15,273,000  
Provision for income tax   $ -     $ -