Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense benefit
                       
   

Three Months

Ended

September 30, 2024

   

Three Months

Ended

September 30, 2023

   

Nine Months

Ended

September 30, 2024

   

Nine Months

Ended

September 30, 2023

 
                         
Expected federal income tax benefit at statutory rate     (2,864,081 )   $ (3,911,756 )   $ (8,461,517 )   $ (8,747,667 )
Non-deductible expenses     39,265       (4,468,467 )     (460,948 )     314,051  
Research and development credit           (148,811 )           (148,811 )
Prior year true up     794,012             4,029,744        
Return to provision true up     (89,625 )           (89,625 )      
Change in valuation allowance     2,120,429       8,529,034       4,982,346       8,582,427  
Income tax benefit   $     $     $     $  
Schedule of deferred tax assets and liabilities
           
   

September 30,

2024

   

December 31,

2023

 
Deferred tax assets                
Net operating losses   $ 23,910,910     $ 15,468,757  
Debt basis difference           5,121,397  
Depreciation and amortization     1,695,242       1,701,768  
Research & development credit     1,099,535       1,099,535  
Lease liability     184,753       246,704  
Stock-based compensation           3,235,732  
Inventory           152,749  
Accrued expenses     98,713       66,909  
Capital loss carryover     176,949       176,950  
Dealer rebates           459,713  
Vendor settlements and reserves     452,824        
Other     27,308       21,828  
Total     27,646,234       27,752,042  
Valuation allowance     (27,389,592 )     (27,171,016 )
Net deferred tax asset     256,642       581,026  
Deferred tax liabilities                
Prepaid expenses     (79,992 )     (342,421 )
Right-of-use assets     (176,650 )     (238,605 )
Total net deferred taxes deferred tax liabilities   $     $