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 |
|
$ |
5,470,089 |
|
|
$ |
1,532,888 |
|
Non-deductible expenses |
|
|
33,156 |
|
|
|
(119,814 |
) |
Research and development credit |
|
|
– |
|
|
|
148,811 |
|
Prior year true up |
|
|
(532,317 |
) |
|
|
– |
|
Change in valuation allowance |
|
|
(4,970,928 |
) |
|
|
(1,561,886 |
) |
Income tax benefit |
|
$ |
– |
|
|
$ |
– |
|
|
Schedule of deferred tax assets and liabilities |
Schedule of deferred
tax assets and liabilities |
|
|
|
|
|
|
|
|
March 31, 2024
|
|
|
December 31, 2023
|
|
Deferred tax assets |
|
|
|
|
|
|
|
|
Net operating losses |
|
$ |
15,508,801 |
|
|
$ |
15,468,757 |
|
Debt basis difference |
|
|
– |
|
|
|
5,121,397 |
|
Depreciation and amortization |
|
|
1,561,453 |
|
|
|
1,701,768 |
|
Research & development credit |
|
|
1,099,535 |
|
|
|
1,099,535 |
|
Lease liability |
|
|
226,567 |
|
|
|
246,704 |
|
Stock-based compensation |
|
|
3,235,732 |
|
|
|
3,235,732 |
|
Inventory |
|
|
122,199 |
|
|
|
152,749 |
|
Accrued expenses |
|
|
88,293 |
|
|
|
66,909 |
|
Capital loss carryover |
|
|
176,950 |
|
|
|
176,950 |
|
Dealer rebates |
|
|
347,760 |
|
|
|
459,713 |
|
Other |
|
|
26,108 |
|
|
|
21,828 |
|
Total |
|
|
22,393,398 |
|
|
|
27,752,042 |
|
Valuation allowance |
|
|
(21,899,150 |
) |
|
|
(27,171,016 |
) |
Net deferred tax asset |
|
|
494,248 |
|
|
|
581,026 |
|
Deferred tax liabilities |
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
(275,927 |
) |
|
|
(342,421 |
) |
Right-of-use assets |
|
|
(218,321 |
) |
|
|
(238,605 |
) |
Total net deferred taxes Deferred tax liabilities |
|
$ |
– |
|
|
$ |
– |
|
|