Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Statutory Federal Income Tax Rate

The difference between tax expense and the amount computed by applying the statutory federal income tax rate of 21% to loss before income taxes is as follows:

	For the Years Ended December 31,
	2023			2022
Statutory rate applied to pre-tax loss	$	(8,803,977	)	$	(5,513,234	)
Foreign exchange rate		66,096			19,863
State taxes		(3,772,636	)		(1,021,618	)
Permanent adjustment		1,019,232			3,028,628
Other foreign deferred permanent adjustment		(1,583,238	)		2,060,520
Change in valuation allowance		13,074,523			1,425,841
Provision for income taxes	$	—		$	—

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities are as follows:

	For the Years Ended December 31,
	2023			2022
Deferred tax assets (liabilities):
Research and development	$	29,219		$	31,384
Share based compensation		10,888,795			1,477,283
Net operating loss carryforwards – finite-lived		3,904,725			2,321,121
Net operating loss carryforwards – indefinite-lived		4,740,603			2,659,026
Unrealized gain on foreign currency exchange		22,636			22,636
Valuation allowance		(19,585,978	)		(6,511,450	)
Deferred tax assets, net of valuation allowance	$	—		$	—

African Agriculture Holdings Inc. 10-K