Schedule of components of income tax expense benefit |
Schedule of components of income tax expense benefit |
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Three Months Ended September 30, 2024
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Three Months Ended September 30, 2023
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Nine Months Ended September 30, 2024
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Nine Months Ended September 30, 2023
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Expected federal income tax benefit at statutory rate |
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(2,864,081 |
) |
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$ |
(3,911,756 |
) |
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$ |
(8,461,517 |
) |
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$ |
(8,747,667 |
) |
Non-deductible expenses |
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39,265 |
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(4,468,467 |
) |
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(460,948 |
) |
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314,051 |
|
Research and development credit |
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– |
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(148,811 |
) |
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– |
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(148,811 |
) |
Prior year true up |
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794,012 |
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– |
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4,029,744 |
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– |
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Return to provision true up |
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(89,625 |
) |
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– |
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(89,625 |
) |
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– |
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Change in valuation allowance |
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2,120,429 |
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8,529,034 |
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4,982,346 |
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8,582,427 |
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Income tax benefit |
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$ |
– |
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$ |
– |
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$ |
– |
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$ |
– |
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Schedule of deferred tax assets and liabilities |
Schedule of deferred tax assets and liabilities |
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September 30, 2024
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December 31, 2023
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Deferred tax assets |
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Net operating losses |
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$ |
23,910,910 |
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$ |
15,468,757 |
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Debt basis difference |
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– |
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5,121,397 |
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Depreciation and amortization |
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1,695,242 |
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1,701,768 |
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Research & development credit |
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1,099,535 |
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1,099,535 |
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Lease liability |
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184,753 |
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246,704 |
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Stock-based compensation |
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– |
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3,235,732 |
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Inventory |
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– |
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152,749 |
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Accrued expenses |
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98,713 |
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66,909 |
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Capital loss carryover |
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176,949 |
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176,950 |
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Dealer rebates |
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– |
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459,713 |
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Vendor settlements and reserves |
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452,824 |
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– |
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Other |
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27,308 |
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21,828 |
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Total |
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27,646,234 |
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27,752,042 |
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Valuation allowance |
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(27,389,592 |
) |
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(27,171,016 |
) |
Net deferred tax asset |
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256,642 |
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581,026 |
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Deferred tax liabilities |
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Prepaid expenses |
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(79,992 |
) |
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(342,421 |
) |
Right-of-use assets |
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(176,650 |
) |
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(238,605 |
) |
Total net deferred taxes deferred tax liabilities |
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$ |
– |
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$ |
– |
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