Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 748

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 2
Chunk 748
---
846,351 
  
    Total deferred 
     -  
     - 
  
    Total
    provision for income taxes 
    $-  
    $- 

ASC
Topic 740 requires that a deferred tax amount be reduced by a valuation allowance if, based on the weight of available evidence it is
more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. The valuation
allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. The Company
has recorded a full valuation allowance against its deferred tax assets generated by net operating loss carryforwards as it has determined
that such amounts may not be recognizable, given the historical losses of the Company to date. As of December 31, 2024, the Company has
a cumulative federal net operating loss carryforward of approximately $17.4 million. The net operating loss carryforwards have no expiry
date.

A
reconciliation of the statutory U.S. federal income tax rate to the Company’s effective income tax rate is as follows:

Schedule
of reconciliation of effective income tax rate

    Amount  
    Rate 

    Year Ended December 31, 2024 

    Amount  
    Rate 
  
    Book Loss 
    $16,532,716  

    Tax Benefit at U.S. Federal Statutory Rate 
     (3,471,870) 
     21.00%
  
    State Taxes, Net of Federal Benefit 
     (718,347) 
     4.35%
  
    Change in Valuation Allowance 
     6,336,132  
     (38.32)%
  
    Permanent Items 
     (2,182,803) 
     13.20%
  
    State Rate Change 
     36,888  
     (0.22)%
  
    Net actual effective rate 
    $-  
     -%

F-16

SIGNATURES

In
accordance with Section 13 or 15(d) of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

    TELOMIR PHARMACEUTICALS, INC.

    Date:
    February 4, 2025
    By:
    /S/
    Erez A