v3.25.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of income tax provision

    

For the Years Ended December 31,

2024

    

2023

Current provision (benefit):

 

  

 

  

Federal

$

$

(14,334)

State

 

36,504

 

Total current provision (benefit)

36,504

(14,334)

Deferred provision (benefit):

 

  

 

  

Federal

 

(1,475,347)

 

1,994,609

State

 

(204,058)

 

(141,785)

Total deferred provision (benefit)

(1,679,405)

1,852,824

Income tax provision (benefit)

$

(1,642,901)

$

1,838,490

Summary of reconciliation of the federal income tax rate to the Company's effective tax rate

    

December 31, 

 

2024

    

2023

 

U.S. statutory rate

 

21.00

%  

21.00

%

State taxes, net of federal

 

3.35

6.10

Change in valuation allowance

 

2.10

(134.18)

Return to provision

 

(1.69)

8.27

Goodwill impairment

 

(22.60)

Permanent differences, net

 

0.61

1.37

Other

 

Income tax provision

 

2.77

%  

(97.44)

%

Schedule of deferred tax assets and liabilities

December 31, 

2024

2023

Deferred tax assets:

    

  

    

  

Net operating loss carryforwards

$

3,919,766

$

2,386,629

Bad debt expense

566,346

9,083

Fixed assets

16

Accounts payable and accrued liabilities

375,907

Interest payable

74,565

Accrued payroll

269,958

Deferred revenue

78,189

136,136

Deferred compensation

211,778

Accrued interest, related party

28,909

Start-up costs

738,876

Operating and finance lease liabilities

70,742

Total gross deferred tax assets

 

6,335,036

 

2,531,864

Less: valuation allowance

 

(3,086,603)

 

(2,531,864)

Net deferred tax assets

3,248,433

Deferred tax liabilities:

    

  

    

  

Depreciation

(5,051)

Amortization

(2,581,286)

Accounts receivable

(702,703)

Prepaids and other current assets

(26,771)

Total deferred tax liabilities

(3,315,811)

Total deferred tax assets (liabilities)

$

(67,378)

$