Company: INDP
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001493152-25-010136
Chunk: 128

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 1
Chunk 128
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 lease agreement to extend the lease through October 31, 2025. Accordingly, the
Company remeasured its operating lease liability under the agreement and recognized an incremental lease liability and right-of-use asset
of $236,506. The remeasurement was based on a 9% incremental borrowing rate.

    F-14

Future
minimum annual lease payments and a reconciliation to the Company’s operating lease liability under the Company’s noncancelable
operating lease as of December 31, 2024 are as follows:

 SUMMARY OF MINIMUM LEASE PAYMENTS 

    Total minimum lease payments in 2025 
    $86,862 
  
    Less: amount representing interest 
     (2,698)
  
    Present value of operating lease liability 
     84,164 
  
    Less: current portion 
     (84,164)
  
    Operating lease liability, net of current portion 
    $- 

The
Company recognized rent expense of $101,847 and $100,742 during the years ended December 31, 2024 and 2023, respectively. Total cash
payments for the operating lease totaled $101,705 and $99,254 during the years ended December 31, 2024 and 2023, respectively.

NOTE
8: INCOME TAXES

As
of December 31, 2024, 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, 

    2024  
    2023 
  
    Computed “expected” tax benefit 
    $(3,154,290) 
    $(3,238,593)
  
    State taxes, net of federal benefit 
     (11,768) 
     1,304
  
    Non-deductible items 
     230,890  
     61,842 
  
    Change in deferred tax asset valuation allowance 
     2,454,200  
     2,509,496
  
    Stock-based compensation 
     482,045  
     613,167 
  
    Return-to-provision adjustments 
     2  
     41,316 
  
    Other 
     621  
     13,918 
  
    Income tax expense 
    $