| Schedule of components of loss before income taxes |
| Schedule of components of loss before income taxes |
|
|
|
|
|
|
| |
|
Year ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Domestic (U.S.) |
|
$ |
(6,424,969 |
) |
|
$ |
(7,905,676 |
) |
| Foreign (U.K.) |
|
|
2,440,857 |
|
|
|
1,488,938 |
|
| Foreign (Germany) |
|
|
(136,977 |
) |
|
|
(124,279 |
) |
| Foreign (Switzerland) |
|
|
(13,489 |
) |
|
|
(11,336 |
) |
| Loss before income taxes |
|
$ |
(4,134,578 |
) |
|
$ |
(6,552,353 |
) |
|
| Schedule of reconciliation of income tax provision |
| Schedule of reconciliation of income tax provision |
|
|
|
|
|
|
| |
|
Year ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Federal |
|
$ |
(868,261 |
) |
|
$ |
(1,375,995 |
) |
| State |
|
|
(373,684 |
) |
|
|
(476,802 |
) |
| Change in valuation allowance |
|
|
1,116,036 |
|
|
|
7,233,525 |
|
| Permanent differences, net |
|
|
271,546 |
|
|
|
197,151 |
|
| Foreign rate differential |
|
|
81,227 |
|
|
|
(39,041 |
) |
| Share-based expense, net |
|
|
7,213 |
|
|
|
19,087 |
|
| Enhanced research and development tax credits |
|
|
(238,631 |
) |
|
|
(109,792 |
) |
| Rate change |
|
|
– |
|
|
|
(5,120,196 |
) |
| Other items |
|
|
4,554 |
|
|
|
(327,937 |
) |
| Net benefit for income taxes |
|
$ |
– |
|
|
$ |
– |
|
|
| Schedule of deferred tax assets and liabilities |
| Schedule of deferred tax assets and liabilities |
|
|
|
|
|
|
| |
|
Year ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| U.K. net operating loss carryforwards |
|
$ |
14,664,858 |
|
|
$ |
14,812,743 |
|
| U.K. capital loss carryforwards |
|
|
1,545,934 |
|
|
|
1,545,934 |
|
| U.S. federal net operating loss carryforwards |
|
|
6,573,614 |
|
|
|
6,085,858 |
|
| Switzerland net operating loss carryforwards |
|
|
23,868 |
|
|
|
22,722 |
|
| IPR&D |
|
|
8,066,098 |
|
|
|
8,546,593 |
|
| Share-based expense |
|
|
2,235,214 |
|
|
|
2,169,480 |
|
| Enhanced research and development tax credits |
|
|
2,038,421 |
|
|
|
1,820,269 |
|
| Germany net operating loss carryforwards |
|
|
693,007 |
|
|
|
627,780 |
|
| Capitalized research and experimental expenditure |
|
|
1,473,049 |
|
|
|
735,702 |
|
| U.S. state net operating loss carryforwards |
|
|
2,142,380 |
|
|
|
1,913,128 |
|
| Other |
|
|
250,669 |
|
|
|
288,887 |
|
| Lease liability |
|
|
– |
|
|
|
– |
|
| Total deferred tax assets before valuation allowance |
|
|
39,707,112 |
|
|
|
38,569,096 |
|
| Valuation allowance for deferred tax assets |
|
|
(39,707,112 |
) |
|
|
(38,569,096 |
) |
| Net deferred tax assets |
|
|
– |
|
|
|
– |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Right of use asset – leases |
|
|
– |
|
|
|
– |
|
| Total deferred tax liabilities |
|
|
– |
|
|
|
– |
|
| Net deferred liability |
|
$ |
– |
|
|
$ |
– |
|
|