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 |
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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) | | $ | — |
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