Company: QTIWW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001844505-25-000038
Chunk: 310

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 310
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 the consolidated balance sheets.

14.Income Taxes

Loss before income tax expense (benefit) consisted of the following for the years ended December 31: 20242023United States$(9,000,663)$(6,097,351)International— — Total loss before income tax expense (benefit)$(9,000,663)$(6,097,351)

F-36

Income tax expense (benefit) consisted of the following for the years ended December 31: 20242023Current:Federal$(5,077)$— State(10,706)1,600 Foreign— — Total current tax expense (benefit)(15,783)1,600 Deferred:Federal— — State— — Foreign— — Total deferred tax expense— — Total income tax expense (benefit)$(15,783)$1,600 Income tax expense (benefit) differed from the amount computed by applying the federal statutory income tax rate to pretax loss as a result of the following for the years ended December 31: 20242023Federal tax at statutory rate$(1,890,139)$(1,280,444)State taxes(1,486,387)(22,915)Change in valuation allowance5,861,012 1,080,617 Acquired intangibles(2,141,859)— Nondeductible(481,252)— Other122,842 224,342 Total income tax expense (benefit)$(15,783)$1,600 The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities are related to the following as of December 31: 20242023Deferred tax assets:Net operating losses$5,752,894 $3,070,085 Stock-based compensation955,747 856,902 Operating lease liabilities294,715 386,588 Section 174 expenses, net1,009,594 487,860 Accruals and reserves412,014 489,382 Intangible assets2,775,021 118,691 Property and equipment76,009 90,104 Gross deferred tax assets11,275,994 5,499,612 Valuation allowance(11,016,609)(5,155,597)Net deferred tax assets259,385 344,015 Deferred tax liabilities:Operating lease right-of