Schedule of components of income tax expense (benefit) |
Schedule of components of income tax expense (benefit) |
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
Expected federal income tax benefit at statutory rate |
|
$ |
(9,557,165 |
) |
|
$ |
9,464,954 |
|
Non-deductible expenses |
|
|
3,594,293 |
|
|
|
1,183,767 |
|
Write off of deferred tax asset for stock-based compensation |
|
|
3,235,732 |
|
|
|
– |
|
Return to provision and true ups |
|
|
345,266 |
|
|
|
108,959 |
|
Change in valuation allowance |
|
|
2,381,874 |
|
|
|
(10,757,680 |
) |
Income tax benefit |
|
$ |
– |
|
|
$ |
– |
|
|
Schedule of deferred tax assets and liabilities |
Schedule of deferred tax assets and liabilities |
|
|
|
|
|
|
|
|
December 31, 2024
|
|
|
December 31, 2023
|
|
Deferred tax assets |
|
|
|
|
|
|
|
|
Net operating losses |
|
$ |
20,932,619 |
|
|
$ |
15,468,757 |
|
Debt basis difference |
|
|
– |
|
|
|
5,121,397 |
|
Depreciation and amortization |
|
|
1,562,438 |
|
|
|
1,701,768 |
|
Research & development credit |
|
|
1,099,535 |
|
|
|
1,099,535 |
|
Lease liability |
|
|
162,786 |
|
|
|
246,704 |
|
Stock-based compensation |
|
|
– |
|
|
|
3,235,732 |
|
Inventory |
|
|
– |
|
|
|
152,749 |
|
Accrued expenses |
|
|
94,561 |
|
|
|
66,909 |
|
Capital loss carryover |
|
|
178,442 |
|
|
|
176,950 |
|
Dealer rebates |
|
|
12,052 |
|
|
|
459,713 |
|
Vendor settlements and reserves |
|
|
689,253 |
|
|
|
– |
|
Other |
|
|
29,502 |
|
|
|
21,828 |
|
Total |
|
|
24,761,188 |
|
|
|
27,752,042 |
|
Valuation allowance |
|
|
(24,431,492 |
) |
|
|
(27,171,016 |
) |
Net deferred tax asset |
|
|
329,696 |
|
|
|
581,026 |
|
Deferred tax liabilities |
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
(174,457 |
) |
|
|
(342,421 |
) |
Right-of-use assets |
|
|
(155,239 |
) |
|
|
(238,605 |
) |
Total net deferred taxes deferred tax liabilities |
|
$ |
– |
|
|
$ |
– |
|
|