Schedule of components of income tax expense (benefit) |
Schedule of components of income tax expense (benefit) |
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Three Months Ended June 30, 2024
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Three Months Ended June 30, 2023
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Six Months Ended June 30, 2024
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Six Months Ended June 30, 2023
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Expected federal income tax benefit at statutory rate |
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(127,347 |
) |
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$ |
(4,835,911 |
) |
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$ |
(5,597,436 |
) |
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$ |
(6,368,799 |
) |
Non-deductible expenses |
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(467,057 |
) |
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4,782,518 |
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(500,213 |
) |
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4,902,332 |
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Research and development credit |
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– |
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– |
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– |
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(148,811 |
) |
Prior year true up |
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2,703,415 |
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– |
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3,235,732 |
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– |
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Change in valuation allowance |
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(2,109,011 |
) |
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53,393 |
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2,861,917 |
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1,615,278 |
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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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June 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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$ |
21,575,396 |
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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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1,422,327 |
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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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205,964 |
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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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190,471 |
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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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556,625 |
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– |
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Other |
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63,693 |
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21,828 |
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Total |
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25,290,960 |
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27,752,042 |
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Valuation allowance |
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(24,911,536 |
) |
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(27,171,016 |
) |
Net deferred tax asset |
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379,424 |
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581,026 |
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Deferred tax liabilities |
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Prepaid expenses |
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(181,750 |
) |
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(342,421 |
) |
Right-of-use assets |
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(197,674 |
) |
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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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