Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Taxes |
|
| Schedule of the components of loss before income taxes |
| | | | | | | | | Years ended December 31, | | | 2025 | | 2024 | United States | | $ | (39,910,908) | | $ | (16,894,509) | Total | | $ | (39,910,908) | | $ | (16,894,509) |
|
| Schedule of reconciliation of statutory federal income tax rate |
| | | | | | | | | Year Ended | | | December 31, 2025 | | | Amount | | Percent | US federal statutory rate | | | (6,361,721) | | 15.9 | % | State and local taxes, net of federal income tax effect(1) | | | (4,234,000) | | 10.6 | % | Non-deductible expenses | | | | | | | Non-deductible expenses | | | 100,919 | | (0.3) | % | Stock based and other compensation | | | (566,743) | | 1.4 | % | Executive compensation limitation | | | 2,785,690 | | (7.0) | % | Acquisition transaction costs | | | 3,441,702 | | (8.6) | % | Change in valuation allowance | | | 1,718,000 | | (4.3) | % | Uncertain Tax Position - Federal | | | 23,611,000 | | (59.2) | % | Uncertain Tax Position - penalties and interest | | | 7,232,000 | | (18.1) | % | Federal true up | | | 28,260 | | (0.1) | % | Other adjustments | | | 472,893 | | (1.2) | % | Effective tax rate | | $ | 28,228,000 | | (70.7) | % |
| (1) | State taxes in Maryland and Minnesota made up the majority (greater than 50%) of the tax effect in this category for the year ended December |
| | | | | | Year Ended | | | December 31, 2024 | | | Amount | US federal statutory rate | | | (3,547,846) | State and local taxes, net of federal income tax effect | | | (1,510,248) | Non-deductible expenses | | | | Non-deductible expenses | | | 34,369 | Stock based and other compensation | | | 761,833 | Change in valuation allowance | | | 6,851,000 | Uncertain Tax Position - Federal | | | 10,968,000 | Uncertain Tax Position - penalties and interest | | | (2,450,194) | Other adjustments | | | 6,086 | Effective tax rate | | $ | 11,113,000 |
|
| Schedule of the components of deferred tax |
| | | | | | | | | December 31, | | December 31, | | | 2025 | | 2024 | Deferred tax assets | | | | | | | Operating loss carryforwards - United States | | $ | 4,114,000 | | $ | 8,018,000 | Credit losses | | | 189,000 | | | 68,000 | Inventory reserve | | | 387,000 | | | 268,000 | Inventory | | | 1,212,000 | | | 1,217,000 | Financing lease liability | | | 31,693,000 | | | 30,081,000 | Intangible assets | | | — | | | 1,916,000 | Property and equipment | | | 1,962,000 | | | 1,515,000 | Capital loss carryforward | | | 1,127,000 | | | 1,060,000 | Excess business interest expense | | | 22,033,000 | | | — | Accrued Vacation | | | 100,000 | | | — | Employee Retention Tax Credit | | | — | | | — | Derivative liability | | | 51,000 | | | 14,484,000 | Charitable contribution carryforward | | | 34,000 | | | 84,000 | Section 263a | | | 587,000 | | | 397,000 | Share based compensation | | | 2,779,000 | | | — | Total Deferred tax assets | | | 66,268,000 | | | 59,108,000 | Less valuation allowance | | | (32,385,000) | | | (31,928,000) | Net deferred tax assets | | | 33,883,000 | | | 27,180,000 | Deferred tax liabilities | | | | | | | Finance lease asset | | | 25,806,000 | | | 26,544,000 | Investments in partnerships | | | 6,000 | | | — | Intangible assets | | | 17,553,000 | | | — | Unrealized gain | | | 233,000 | | | — | Warrants receivable | | | 502,000 | | | 636,000 | Total deferred tax liabilities | | | 44,100,000 | | | 27,180,000 | Net deferred tax asset/(tax liabilities) | | $ | (10,217,000) | | $ | — |
|
| Schedule of uncertain tax positions |
| | | | | | | | | 2025 | | 2024 | Beginning Balances | | $ | 33,324,000 | | $ | 22,356,000 | Increase related to tax positions taken during a prior year | | | 53,154,000 | | | 2,735,000 | Increases related to tax positions taken during the current year | | | 33,476,000 | | | 8,233,000 | Ending Balances | | $ | 119,954,000 | | $ | 33,324,000 |
|