Schedule of components of loss before income taxes |
Schedule of components of loss before income taxes |
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
Domestic (U.S.) |
|
$ |
(6,251,785 |
) |
|
$ |
(6,424,969 |
) |
Foreign (U.K.) |
|
|
2,460,945 |
|
|
|
2,440,857 |
|
Foreign (Germany) |
|
|
(153,332 |
) |
|
|
(136,977 |
) |
Foreign (Switzerland) |
|
|
(16,103 |
) |
|
|
(13,489 |
) |
Loss before income taxes |
|
$ |
(3,960,275 |
) |
|
$ |
(4,134,578 |
) |
|
Schedule of reconciliation of income tax provision |
Schedule of reconciliation of income tax provision |
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
Federal |
|
$ |
(831,658 |
) |
|
$ |
(868,261 |
) |
State |
|
|
(311,694 |
) |
|
|
(373,684 |
) |
Change in valuation allowance |
|
|
1,463,230 |
|
|
|
1,116,036 |
|
Permanent differences, net |
|
|
122,683 |
|
|
|
271,546 |
|
Foreign rate differential |
|
|
80,187 |
|
|
|
81,227 |
|
Share-based expense, net |
|
|
6,495 |
|
|
|
7,213 |
|
Enhanced research and development tax credits |
|
|
(139,259 |
) |
|
|
(238,631 |
) |
Other items |
|
|
(389,984 |
) |
|
|
4,554 |
|
Net benefit for income taxes |
|
$ |
– |
|
|
$ |
– |
|
|
Schedule of deferred tax assets and liabilities |
Schedule of deferred tax assets and liabilities |
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
U.K. net operating loss carryforwards |
|
$ |
21,938,273 |
|
|
$ |
14,664,858 |
|
U.K. capital loss carryforwards |
|
|
1,745,821 |
|
|
|
1,545,934 |
|
U.S. federal net operating loss carryforwards |
|
|
7,518,011 |
|
|
|
6,573,614 |
|
Switzerland net operating loss carryforwards |
|
|
13,392 |
|
|
|
23,868 |
|
IPR&D |
|
|
586,746 |
|
|
|
8,066,098 |
|
Share-based expense |
|
|
1,979,372 |
|
|
|
2,235,214 |
|
Enhanced research and development tax credits |
|
|
2,165,119 |
|
|
|
2,038,421 |
|
Germany net operating loss carryforwards |
|
|
700,617 |
|
|
|
693,007 |
|
Capitalized research and experimental expenditure |
|
|
1,804,979 |
|
|
|
1,473,049 |
|
U.S. state net operating loss carryforwards |
|
|
2,468,919 |
|
|
|
2,142,380 |
|
Other |
|
|
208,288 |
|
|
|
250,669 |
|
Total deferred tax assets before valuation allowance |
|
|
41,129,537 |
|
|
|
39,707,112 |
|
Valuation allowance for deferred tax assets |
|
|
(41,129,537 |
) |
|
|
(39,707,112 |
) |
Net deferred tax assets |
|
|
– |
|
|
|
– |
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Total deferred tax liabilities |
|
|
– |
|
|
|
– |
|
Net deferred liability |
|
$ |
– |
|
|
$ |
– |
|
|