Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES (Tables)

v3.24.2.u1
INCOME TAXES (Tables)
6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense (benefit)
                               
   

Three Months

Ended

June 30, 2024

   

Three Months

Ended

June 30, 2023

   

Six Months

Ended

June 30, 2024

   

Six Months

Ended

June 30, 2023

 
                         
Expected federal income tax benefit at statutory rate     (127,347 )   $ (4,835,911 )   $ (5,597,436 )   $ (6,368,799 )
Non-deductible expenses     (467,057 )     4,782,518       (500,213 )     4,902,332  
Research and development credit                       (148,811 )
Prior year true up     2,703,415             3,235,732        
Change in valuation allowance     (2,109,011 )     53,393       2,861,917       1,615,278  
Income tax benefit   $     $     $     $  
Schedule of deferred tax assets and liabilities
           
   

June 30,

2024

   

December 31,

2023

 
Deferred tax assets                
Net operating losses   $ 21,575,396     $ 15,468,757  
Debt basis difference           5,121,397  
Depreciation and amortization     1,422,327       1,701,768  
Research & development credit     1,099,535       1,099,535  
Lease liability     205,964       246,704  
Stock-based compensation           3,235,732  
Inventory           152,749  
Accrued expenses     190,471       66,909  
Capital loss carryover     176,949       176,950  
Dealer rebates           459,713  
Vendor settlements and reserves     556,625        
Other     63,693       21,828  
Total     25,290,960       27,752,042  
Valuation allowance     (24,911,536 )     (27,171,016 )
Net deferred tax asset     379,424       581,026  
Deferred tax liabilities                
Prepaid expenses     (181,750 )     (342,421 )
Right-of-use assets     (197,674 )     (238,605 )
Total net deferred taxes deferred tax liabilities   $     $