Company: INDP
Filing Date: 2025-02-12
Form Type: S-1
Source: 0001493152-25-006068
Chunk: 165

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-02-12
Form: S-1
Chunk 165
---
 96,465during the years ended December 31, 2023 and 2022, respectively.

NOTE 9: INCOME TAXES

As of December 31, 2023, the Company had net operating loss carry forwards that may be available to reduce future years’ taxable income.

The Company’s provision for income taxes consisted of the following:

SCHEDULE OF PROVISION FOR INCOME TAXES

|                                                  |     | For the year ended December 31, |       2023 |   |     |   |       2022 |   |
|:-------------------------------------------------|:----|:--------------------------------|-----------:|:--|:----|:--|-----------:|:--|
| Computed “expected” tax benefit                  |     | $                               | (3,238,593 | ) |     | $ | (3,007,284 | ) |
| State taxes, net of federal benefit              |     |                                 |      1,304 |   |     |   |     (8,797 | ) |
| Non-deductible items                             |     |                                 |     61,842 |   |     |   |     86,955 |   |
| Change in deferred tax asset valuation allowance |     |                                 |  2,509,496 |   |     |   | (1,351,029 | ) |
| Stock-based compensation                         |     |                                 |    613,167 |   |     |   |    544,640 |   |
| Return-to-provision adjustments                  |     |                                 |     41,316 |   |     |   |  3,662,174 |   |
| Other                                            |     |                                 |     13,918 |   |     |   |     73,371 |   |
| Income tax expense                               |     | $                               |      2,450 |   |     | $ |         30 |   |

Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards.

The Company’s net deferred tax assets were comprised of the following as of December 31, 2023 and 2022:

SCHEDULE OF NET DEFERRED TAX ASSETS

| Deferred tax assets:                         |     | 2023 |             |   |     | 2022