v3.24.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Schedule of Income Before Income Taxes For financial reporting purposes, income before income taxes includes the following components:
   Year Ended December 31, 
   2023   2022 
Loss before income taxes:        
United States  $(14,860,458)  $(6,787,009)
Foreign   
-
    
-
 
Loss before income taxes:  $(14,860,458)  $(6,787,009)
Schedule of Expense for Income Taxes The expense for income taxes consists of:
   Year Ended December 31, 
   2023   2022 
Current income tax provision        
Federal  $
-
   $
-
 
State   10,253    13,859 
Foreign   
-
    
-
 
    10,253    13,859 
Deferred income tax          
Federal   (106,387)   36,527 
State   (213,715)   87,570 
Foreign   
-
    
-
 
    (320,102)   124,097 
           
Total income tax (benefit) provision  $(309,849)  $137,956 
Schedule of Effective Tax Rate on Income from Continuing Operations Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate is as follows:
   Year Ended December 31, 
   2023   2022 
Provision at Federal statutory rate   21.00%   21.00%
State income taxes   1.07%   (1.22)%
Other permanent tax adjustments   (0.37)%   (0.59)%
Change in valuation allowance   (18.93)%   (16.74)%
Shortfalls on Stock Based Compensation   (0.68)%   (4.49)%
Prior period adjustments   0.00%   0.02%
Benefit (provision) for income taxes   2.09%   (2.02)%
Schedule of Deferred Tax Assets and Liabilities The significant components of the Company’s deferred tax assets and liabilities are as follows:
   Year Ended December 31, 
   2023   2022 
Deferred tax assets:        
Net operating loss carryforward  $15,302,761   $13,716,239 
Tax credits   205,028    205,028 
Lease liabilities   33,397    54,558 
Accruals and reserves   168,603    173,247 
Capital loss carryforwards   2,678,907    2,678,907 
Capitalized research costs   383,233    587,202 
Taxable goodwill   1,140,134    - 
Intangible assets   523,899    508,057 
Stock compensation   397,275    179,105 
Federal effect of state taxes   
-
    44,880 
Fixed assets   17,451    
-
 
Other   849    4,533 
Total deferred tax assets before valuation allowance:   20,851,537    18,151,756 
Valuation allowance   (20,819,919)   (17,343,925)
Deferred tax assets, net of valuation allowance   31,618    807,831 
           
Deferred tax liabilities:          
Right-of-use assets   (31,618)   (52,485)
Taxable goodwill   
-
    (790,527)
Fixed assets   
-
    (284,921)
Total deferred tax liabilities   (31,618)   (1,127,933)
           
Net deferred tax liability  $
-
   $(320,102)