| Schedule of components of income tax expense benefit |
| Schedule of components of income tax expense benefit |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended September 30, 2024
|
|
|
Three Months Ended September 30, 2023
|
|
|
Nine Months Ended September 30, 2024
|
|
|
Nine Months Ended September 30, 2023
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Expected federal income tax benefit at statutory rate |
|
|
(2,864,081 |
) |
|
$ |
(3,911,756 |
) |
|
$ |
(8,461,517 |
) |
|
$ |
(8,747,667 |
) |
| Non-deductible expenses |
|
|
39,265 |
|
|
|
(4,468,467 |
) |
|
|
(460,948 |
) |
|
|
314,051 |
|
| Research and development credit |
|
|
– |
|
|
|
(148,811 |
) |
|
|
– |
|
|
|
(148,811 |
) |
| Prior year true up |
|
|
794,012 |
|
|
|
– |
|
|
|
4,029,744 |
|
|
|
– |
|
| Return to provision true up |
|
|
(89,625 |
) |
|
|
– |
|
|
|
(89,625 |
) |
|
|
– |
|
| Change in valuation allowance |
|
|
2,120,429 |
|
|
|
8,529,034 |
|
|
|
4,982,346 |
|
|
|
8,582,427 |
|
| Income tax benefit |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
| Schedule of deferred tax assets and liabilities |
| Schedule of deferred tax assets and liabilities |
|
|
|
|
|
|
| |
|
September 30, 2024
|
|
|
December 31, 2023
|
|
| Deferred tax assets |
|
|
|
|
|
|
|
|
| Net operating losses |
|
$ |
23,910,910 |
|
|
$ |
15,468,757 |
|
| Debt basis difference |
|
|
– |
|
|
|
5,121,397 |
|
| Depreciation and amortization |
|
|
1,695,242 |
|
|
|
1,701,768 |
|
| Research & development credit |
|
|
1,099,535 |
|
|
|
1,099,535 |
|
| Lease liability |
|
|
184,753 |
|
|
|
246,704 |
|
| Stock-based compensation |
|
|
– |
|
|
|
3,235,732 |
|
| Inventory |
|
|
– |
|
|
|
152,749 |
|
| Accrued expenses |
|
|
98,713 |
|
|
|
66,909 |
|
| Capital loss carryover |
|
|
176,949 |
|
|
|
176,950 |
|
| Dealer rebates |
|
|
– |
|
|
|
459,713 |
|
| Vendor settlements and reserves |
|
|
452,824 |
|
|
|
– |
|
| Other |
|
|
27,308 |
|
|
|
21,828 |
|
| Total |
|
|
27,646,234 |
|
|
|
27,752,042 |
|
| Valuation allowance |
|
|
(27,389,592 |
) |
|
|
(27,171,016 |
) |
| Net deferred tax asset |
|
|
256,642 |
|
|
|
581,026 |
|
| Deferred tax liabilities |
|
|
|
|
|
|
|
|
| Prepaid expenses |
|
|
(79,992 |
) |
|
|
(342,421 |
) |
| Right-of-use assets |
|
|
(176,650 |
) |
|
|
(238,605 |
) |
| Total net deferred taxes deferred tax liabilities |
|
$ |
– |
|
|
$ |
– |
|
|