Company: INDP
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001493152-25-010136
Chunk: 348

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 1B
Chunk 348
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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 
    $1,700  
    $2,450 

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, 2024 and 2023:

SCHEDULE
OF NET DEFERRED TAX ASSETS

    2024  
    2023 
  
    Deferred tax assets: 

    Net operating losses 
    $53,447,116  
    $51,846,000 
  
    Capitalized research and development 
     2,959,591  
     2,162,872 
  
    Stock-based compensation 
     288,756  
     261,052 
  
    Accruals 
     249,495  
     220,923 
  
    Operating lease liabilities 
     17,760  
     36,761 
  
    Other 
     616  
     559 
  
    Total gross deferred tax assets 
     56,963,334