Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
| Income Taxes [Abstract] |
|
| Schedule of Benefit from Income Taxes |
The benefit from income taxes was as follows:
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Current | |
| | |
| |
| U.S. Federal | |
$ | — | | |
$ | — | |
| State and local | |
| — | | |
| — | |
| | |
$ | — | | |
$ | — | |
| Deferred | |
| | | |
| | |
| U.S. Federal | |
$ | (2,423,582 | ) | |
$ | (1,496,475 | ) |
| State and local | |
| (695,810 | ) | |
| (435,450 | ) |
| | |
| | | |
| | |
| Valuation Allowance | |
| 3,119,392 | | |
| 1,931,925 | |
| | |
$ | — | | |
$ | — | |
| Total | |
| | | |
| | |
| U.S. Federal | |
$ | — | | |
$ | — | |
| State and local | |
| — | | |
| — | |
| | |
$ | — | | |
$ | — | |
|
| Schedule of Reconciliation of the Provision for Income Taxes |
A reconciliation of the provision for income taxes
with the amounts computed by applying the Federal income tax rate to income from operations before the provision for income taxes is as
follows for the years ended December 31, 2024 and 2023:
| | |
2024 | | |
2023 | |
| U.S. federal statutory rate | |
| 21.00 | % | |
| 21.00 | % |
| State taxes, net of federal benefit | |
| 4.51 | | |
| 4.49 | |
| Permanent items | |
| (1.97 | ) | |
| (0.05 | ) |
| Prior year true-up | |
| — | | |
| — | |
| Valuation allowance | |
| (21.74 | ) | |
| (24.50 | ) |
| Other | |
| (1.8 | ) | |
| (0.94 | ) |
| Effective income tax rate | |
| 0 | % | |
| 0 | % |
|
| Schedule of Components of Deferred Tax Assets (Liabilities) |
The components of deferred tax assets (liabilities) were as follows:
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Net operating loss carryforwards | |
$ | 3,085,132 | | |
$ | 1,251,958 | |
| Stock compensation | |
| 2,550,588 | | |
| 1,351,444 | |
| Basis adjustment on acquired assets | |
| (1,157,639 | ) | |
| (1,043,064 | ) |
| | |
| | | |
| | |
| Right of use assets | |
| (252,920 | ) | |
| (174,299 | ) |
| Lease liability | |
| 258,441 | | |
| 178,362 | |
| Goodwill | |
| 51,036 | | |
| — | |
| Allowance for credit losses | |
| 33,356 | | |
| 5,374 | |
| Charitable contributions | |
| 14,126 | | |
| 7,528 | |
| Deferred tax assets, before valuation allowance | |
| 4,582,120 | | |
| 1,577,303 | |
| Valuation allowances | |
| (4,582,120 | ) | |
| (1,577,303 | ) |
| Deferred tax assets, net of valuation allowance | |
$ | 0 | | |
$ | 0 | |
|
| Schedule of Reconciliation of the Beginning and Ending Amount of Deferred Income Tax |
A reconciliation of the beginning and ending amount of deferred
income tax valuation allowance were as follows:
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Beginning balance of deferred income tax valuation allowance | |
$ | (1,577,303 | ) | |
$ | (688,442 | ) |
| Increase in valuation allowance | |
| (3,119,392 | ) | |
| (1,931,925 | ) |
| Decrease in valuation allowance – purchase accounting | |
| 114,575 | | |
| 1,043,064 | |
| Ending balance of deferred income tax valuation allowance | |
$ | (4,582,120 | ) | |
| (1,577,303 | ) |
|