Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense (benefit)
           
    2024     2023  
             
Expected federal income tax benefit at statutory rate   $ (9,557,165 )   $ 9,464,954  
Non-deductible expenses     3,594,293       1,183,767  
Write off of deferred tax asset for stock-based compensation     3,235,732       –  
Return to provision and true ups     345,266       108,959  
Change in valuation allowance     2,381,874       (10,757,680 )
Income tax benefit   $ –     $ –  
Schedule of deferred tax assets and liabilities
           
   

December 31,

2024

   

December 31,

2023

 
Deferred tax assets                
Net operating losses   $ 20,932,619     $ 15,468,757  
Debt basis difference     –       5,121,397  
Depreciation and amortization     1,562,438       1,701,768  
Research & development credit     1,099,535       1,099,535  
Lease liability     162,786       246,704  
Stock-based compensation     –       3,235,732  
Inventory     –       152,749  
Accrued expenses     94,561       66,909  
Capital loss carryover     178,442       176,950  
Dealer rebates     12,052       459,713  
Vendor settlements and reserves     689,253       –  
Other     29,502       21,828  
Total     24,761,188       27,752,042  
Valuation allowance     (24,431,492 )     (27,171,016 )
Net deferred tax asset     329,696       581,026  
Deferred tax liabilities                
Prepaid expenses     (174,457 )     (342,421 )
Right-of-use assets     (155,239 )     (238,605 )
Total net deferred taxes deferred tax liabilities   $ –     $ –