Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
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
           
   

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   $     $