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

Note 7 - Income Taxes (Tables)

v3.25.1
Note 7 - Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
   

Year Ended December 31,

 
   

2024

   

2023

 

 

               

U.S.

  $ (15,490,482 )   $ (8,382,123 )

Foreign

    (95,137 )     (19,273 )

Total 

  $ (15,585,619 )   $ (8,401,396 )
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   

As of December 31,

 
   

2024

   

2023

 

Current:

               

Federal

  $ -     $ -  

State

    800       800  

Foreign

    -       -  

Total current:

    800       800  

Deferred:

               

Federal

    -       -  

State

    -       -  

Foreign

    -       -  

Total deferred:

    -       -  

Total provision*

  $ 800     $ 800  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

As of December 31,

 
   

2024

   

2023

 

Federal income tax

    21.00       21.00  

State income taxes, less federal benefit

    7.21       6.03  

Tax credits

    1.96       3.12  

Permanent differences

    (0.66 )     (2.81 )

Change in valuation allowances

    (29.54 )     (25.33 )

Other

    0.02       (2.02 )

Effective tax rate expense

    (0.01 )     (0.01 )
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

As of December 31,

 
   

2024

   

2023

 

Deferred tax assets:

               

Net operating loss carryforwards

  $ 4,476,675     $ 3,871,391  

Tax credit carryforwards

    1,626,525       1,322,457  

Stock-based compensation

    895,349       800,998  

Intangible asset basis differences

    7,402,504       4,417,201  

Accrued liabilities & allowances

    324,561       76,403  

Capitalized research and development

    3,146,021       2,777,414  

Gross deferred tax assets

    17,871,635       13,265,864  

Valuation allowance

    (17,871,635 )     (13,265,864 )

Net deferred tax assets 

  $     $  
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
   

2024

   

2023

 

Beginning uncertain tax benefits

  $ 335,822     $ 321,175  

Current year - increases

    65,389       65,389  

Prior year - increases (decreases)

    10,529       (50,742 )

Ending uncertain tax benefits

  $ 411,740     $ 335,822