Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 601

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 1B
Chunk 601
---
 28,007  
     31,724 
  
    Deferred tax assets, gross 
     7,182,483  
     846,351 
  
    Less:
    valuation allowance 
     (7,182,483) 
     (846,351)
  
    Deferred tax assets, net 
     -  
     - 
  
    Deferred tax liabilities 

    Total
    net deferred tax asset 
    $-  
    $- 

Beginning
in 2022, in accordance with Internal Revenue Code Section 174, Qualified Research Expenditures are capitalized for tax purposes and amortized
over a period of five years. Accordingly, for income tax purposes, and as of December 31, 2024 and December 31, 2023, the Company has
recorded a deferred tax asset totaling approximately $1.0 million and $0.5 million, respectively, related to the timing difference between
GAAP and Tax recognition of these expenditures.

The
components of the provision for income taxes consist of the following:

Schedule of provision for income taxes 

    December 31, 

    2024  
    2023 
  
    Deferred tax: 

    Deferred benefit 
    $(7,182,483) 
    $(846,351)
  
    Change
    in valuation allowance 
     7,182,483  
     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