Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.25.0.1
Income Tax (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Net Deferred Income Tax Assets

 

    2024     2023  
    December 31,  
    2024     2023  
Deferred tax assets:                
Federal net operating loss carryforward   $ 73,403,000     $ 66,679,000  
Stock based compensation and other items     3,054,000       3,216,000  
Intellectual property     32,599,000       37,219,000  
Section 14 research and development     3,128,000       2,578,000  
Deferred tax assets before valuation     112,184,000       109,692,000  
Valuation allowance     (112,184,000 )     (109,692,000 )
Net deferred income tax assets   $     $  
Schedule of Income Tax Provision

A reconciliation of the federal statutory income tax rate and the effective income tax rate as a percentage of income before income tax provision is as follows for the year ended:

 

    2024     2023  
    December 31,  
    2024     2023  
Federal statutory income tax rate     21 %     21 %
State tax, net of federal benefit     8 %     8 %
Change in valuation allowance on net operating loss carryforwards     (29 )%     (29 )%
Effective income tax rate     0 %     0 %