v3.24.3
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Goodwill

The following summarizes our goodwill activity during the years ended December 31, 2023 and 2022:

 

   Total 
Goodwill-December 31, 2021  $2,171,526 
Impairment   - 
Goodwill-December 31, 2022   2,171,526 
Impairment   - 
Goodwill-December 31, 2023  $2,171,526 
Schedule of US Federal Income Tax Rate to the Company's Effective Tax Rate

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate consists of the following:

 

   For the Years Ended December 31, 
   2023   2022 
Statutory federal income tax benefit  $(3,025,315)   21.0%  $(3,248,385)   21.0%
State taxes, net of federal tax benefit   (219,705)   1.5%   (327,095)   2.1%
Change in valuation allowance   2,079,231    -14.4%   1,435,041    -9.3%
Change in state tax rate   462,709    -3.2%   13,055    -0.1%
Change in fair value estimates   (2,050,026)   14.2%   1,610,993    -10.4%
Non-deductible interest-IRC 163(j)   738,993    -5.1%   -    0.0%
Non-deductible transaction/restructuring costs   1,313,792    -9.1%   -    0.0%
Nondeductible warrant issuance expense   552,321    -3.8%   -    0.0%
Other non-deductible expenses   148,000    -1.0%   516,391    -3.3%
Effective tax rate  $-    0.0%  $-    0.0%
Schedule of Components of Income Tax Provision (Benefit)

The components of income tax provision (benefit) are as follows:

 

    2023    2022 
    As of December 31, 
    2023    2022 
Federal:          
Current  $-   $- 
Deferred   -    - 
State and Local:          
Current   -    - 
Deferred   -    - 
Total  $-   $- 
Schedule of Temporary Differences that Give Rise to Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying value of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. The temporary differences that give rise to deferred tax assets and liabilities are as follows:

 

   2023   2022 
   As of December 31, 
   2023   2022 
Deferred tax assets (liabilities):          
Net operating loss carryforwards  $6,368,669   $3,744,512 
Contribution carryforwards   24,626    20,837 
Stock-based compensation   155,404    25,216 
Accrual to cash adjustment   1,299    482,109 
Startup costs   1,816,143    - 
Lease Liabilities   52,805    119,971 
Right of use assets   (30,236)   (71,024)
Capitalized R&D costs (Sec. 174)   798,802    451,195 
Other   (3,363)   696 
 Deferred tax assets gross   9,184,149    4,773,512 
Valuation allowance   (9,184,149)   (4,773,512)
Deferred tax assets, net of allowance  $-   $-