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 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 | |
|