Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES (Tables)

v3.24.1.u1
INCOME TAXES (Tables)
3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
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
           
   

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   $     $