v3.25.2
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
INCOME TAXES  
INCOME TAXES

NOTE 17: INCOME TAXES

The components of the income tax provision (benefit) are as follows:

​

​

​

​

​

​

​

​

    

Years ended December 31, 

​

    

2024

    

2023

Current

 

  

 

​

  

Federal

 

—

​

$

—

State

 

—

​

 

—

Foreign

 

—

​

 

—

Total Current

 

—

​

 

—

Deferred

 

  

​

 

  

Federal

 

—

​

$

—

State

 

—

​

 

—

Foreign

 

—

​

 

—

Total Deferred

 

—

​

 

—

Total income taxes

 

—

​

$

—

​

The Company is subject to a federal income tax rate of 21.0%. Additionally, the Company is subject to a blended state income tax rate of 6.3% net of federal benefits. Lastly, the Company is subject to a foreign income tax rate as it relates to its India-based subsidiary of 0.0%. The Company has an effective tax rate of 0.0% for the years ended December 31, 2024 and 2023, due to the fact that the Company is in a full valuation allowance position.

The principal components of deferred income tax assets, net, were as follows:

​

​

​

​

​

​

​

​

​

    

Years ended December 31, 

​

    

2024

    

2023

Deferred tax assets

 

​

  

 

​

  

Other

 

$

10,566

​

$

4,266

Amortization and impairment

​

​

492,385

​

​

—

ROU asset

 

​

78,087

​

 

157,555

Net operating losses

 

​

8,450,019

​

 

5,408,937

Deferred tax assets

 

​

9,031,057

​

 

5,570,758

Less: Valuation allowance

 

​

(8,888,489)

​

 

(5,207,943)

Total deferred tax assets

​

$

142,568

​

$

362,815

Deferred tax liabilities

​

 

  

​

 

  

Depreciation, amortization, and impairment

​

 

(28,220)

​

 

(219,512)

Lease assets

​

 

(114,348)

​

 

(143,303)

Deferred tax liabilities

​

​

(142,568)

​

​

(362,815)

Net deferred tax assets

​

$

—

​

$

—

​

As of December 31, 2024 and 2023, the Company had Federal and state net operating loss carryforwards of approximately $34,598,000 and $31,092,000 which are available to offset future taxable income. They are due to expire starting in 2026. Federal net operating losses occurring after December 31, 2017, of approximately $31,182,000 may be carried forward indefinitely. A valuation allowance has been established for the full amount of net deferred income tax assets as management has concluded that it is more likely than not that the benefits from such assets will not be realized.