v3.25.1
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax [Abstract]  
Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Company’s Effective Tax Rate

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the year ended December 31, 2024 was as follows:

 

   Year Ended
December 31,
2024		 
U.S. federal statutory rate   21.0%
Increase (decrease) due to:     
State income taxes, net of federal income tax benefit   5.6%
Change in fair value of Earnout, True-up and Subject Vesting liabilities   (2.2)%
Costs related to Business Combination   3.7%
Other permanent adjustments   (0.7)%
Effective tax rate   27.4%

A reconciliation of the expected income tax expense (benefit) computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the year ended December 31, 2024:

 

   Year Ended
December 31,
2024		 
Income tax expense computed at federal statutory tax rate  $62,359,838 
Increase (decrease) due to:     
State income taxes, net of federal income tax benefit   16,454,870 
Change in fair value of Earnout, True-up and Subject Vesting liabilities   (6,622,560)
Costs related to Business Combination   11,021,988 
Other permanent adjustments   (1,958,089)
Total income tax expense  $81,256,047 
Schedule of Components of Income Tax Expense

The components of income tax expense are as follows:

 

   Year Ended
December 31,
2024		 
Federal    
Current tax expense  $
—
 
Deferred tax expense   60,427,097 
Total federal   60,427,097 
      
State and local     
Current tax expense   
—
 
Deferred tax expense   20,828,950 
Total state and local   20,828,950 
Total income tax expense  $81,256,047 
Schedule of Rise to Deferred Tax Assets and Liabilities The temporary differences that give rise to deferred tax assets and liabilities are as follows:
   Year Ended
December 31,
2024		 
Deferred tax assets    
Net operating losses  $2,894,110 
Share-based compensation and other accrued expenses   621,958 
Start-up costs   778,644 
Capitalized R&D expense   1,287,402 
Lease liabilities   40,611 
Total deferred tax asset   5,622,725 
      
Deferred tax liabilities     
Outside basis in joint venture   86,839,767 
Right-of-use asset   38,709 
Other   296 
Total deferred tax liability   86,878,772 
Net deferred tax liabilities  $81,256,047