v3.25.1
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)