Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.24.4
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax [Abstract]  
Schedule of Income Tax Expense Income tax expense for the years ended December 31, 2023 and 2022 is summarized as follows.
    December 31,
2023		     December 31,
2022		  
Deferred:            
Federal   $ (12,315,396 )   $ (11,457,628 )
State     (4,095,514 )     (3,810,261 )
Change in valuation allowance     16,410,910       15,267,889  
Income tax expense (benefit)   $
-
     $
-
  
Schedule of Reconciliation of Provision for Income Taxes The following is a reconciliation of the provision for income taxes at the U.S. federal income tax rate to the income taxes reflected in the Statement of Operations:
    December 31,
2023		     December 31,
2022		  
Book income (loss)     21.00 %     21.00 %
State taxes     6.98 %     6.98 %
Change in the fair value of warrant and preferred investment option liability     11.68 %     11.80 %
Other permanent items     (3.84 )%     2.49 %
Valuation allowance     (35.72 )%     (42.2 )%
Tax expense at actual rate    
-
      
-
  
Schedule of Deferred Tax Assets and Liabilities The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities at December 31, 2023 and 2022 are as follows:
    December 31,
2023		     December 31,
2022		  
Deferred tax assets:            
Net operating loss carryforward   $ 50,744,357     $ 37,803,576  
Allowance for sales discounts     (164,289 )    
-
  
Depreciation     2,275,224       (961,977 )
Right of use assets     (442,866 )    
-
  
Lease liabilities     430,088      
-
  
Research and development     2,845,164       2,845,164  
Stock-based compensation     796,319       669,382  
Total gross deferred tax assets     56,483,997       40,356,145  
Less: valuation allowance     (56,483,997 )     (40,356,145 )
Net deferred tax assets   $
-
     $
-