v3.25.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Schedule of Provision Benefit for Income Taxes

The components of the provision (benefit) for income taxes were as follows (in thousands):

 

   For the
year ended
December 31,
2024
   For the
year ended
December 31,
2023
 
     
Deferred:        
Federal  $656,193   $(656,193)
State and local   181,862    (181,862)
Foreign   -    (127,915)
Total deferred provision (benefit)   838,055    (965,970)
Change in valuation allowance   -    127,915 
Total provision (benefit) for income taxes  $838,055   $(838,055)
Schedule of Effective Tax Rate Differs from the Statutory Tax Rates

The effective tax rate differs from the statutory tax rates as follows (in thousands):

 

   For the
year ended
December 31,
2024
   For the
year ended
December 31,
2023
 
Tax at statutory federal rate   21.00%   21.00%
Change in fair value of warrant liabilities   (0.99)%   
-
%
Change in fair value of conversion option   (0.47)%   
-
%
Other permanent items   (1.19)%   
-
%
State income tax   3.66%   5.39%
Change in tax status   
-
%   9.11%
Foreign tax rate differential   0.13%   0.77%
Valuation allowance   (31.25)%   (4.80)%
Other   
-
%   (0.04)%
Provision (benefit) for income taxes   (9.11)%   31.43%
Schedule of Deferred Income Tax Assets and Liabilities

The components of the deferred income tax assets and liabilities were as follows (in thousands):

 

   December 31,
2024
   December 31,
2023
 
Deferred tax assets:        
Net operating losses and tax credit carry-forward  $2,466,781   $708,879 
Lease liabilities   944,389    1,024,083 
Organizational start-up costs   341,540    176,689 
Allowance for doubtful accounts   1,997    
-
 
Bonus accrual   
-
    38,017 
Inventory reserve   3,246      
Warranty reserve   110,424    22,666 
Charitable contribution   307    
-
 
OID on convertible notes   123,254    6,414 
Intangibles   1,318    
-
 
Gross deferred tax asset  $3,993,256   $1,976,848 
Less valuation allowance   (3,005,895)   (127,915)
Net deferred tax asset  $987,361   $1,848,933 
Deferred tax liabilities:          
Depreciation expense  $115,514   $57,417 
Right of use assets   862,758    953,461 
Goodwill   9,089    
-
 
Total deferred tax liability  $987,361   $1,010,878 
Net deferred tax asset (liability)  $
-
   $838,055