Income Tax (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Income Tax [Abstract] |
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| Schedule Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate and Income Tax Expense (Benefit) |
A reconciliation of the federal statutory income tax rate to the Company’s effective tax rate and income tax expense (benefit) is as follows:
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Year Ended December 31, |
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2025 |
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2024 |
|
Income tax expense (benefit) computed at federal statutory tax rate |
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(5,737,452 |
) |
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21.0 |
% |
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62,359,838 |
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21.0 |
% |
State and local income taxes, net of federal income tax effect |
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(1,870,165 |
) |
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6.8 |
% |
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16,454,870 |
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|
5.6 |
% |
Foreign tax effects |
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— |
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— |
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— |
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— |
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Effect of changes in relevant tax rates in the current period |
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(5,319,026 |
) |
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19.5 |
% |
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— |
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— |
|
Effect of cross-border tax laws |
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— |
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— |
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— |
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— |
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Tax credits |
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— |
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— |
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— |
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— |
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Changes in valuation allowances |
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— |
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— |
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— |
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— |
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Nontaxable or nondeductible items |
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— |
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— |
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Change in fair value of Earnout, True-up, Subject Vesting and Equity Line liabilities |
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(5,130,074 |
) |
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18.8 |
% |
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(6,622,560 |
) |
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(2.2 |
)% |
Costs related to Business Combination |
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— |
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— |
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11,021,988 |
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3.7 |
% |
Other permanent adjustments |
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(220,491 |
) |
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0.8 |
% |
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(1,958,089 |
) |
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(0.7 |
)% |
Changes in unrecognized tax benefits |
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— |
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— |
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— |
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— |
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Other adjustments |
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Prior year true-up |
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(3,794 |
) |
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— |
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— |
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— |
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Effective tax rate |
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(18,281,002 |
) |
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66.9 |
% |
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81,256,047 |
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27.4 |
% |
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| Schedule of Components of Income Tax Expense (Benefit) |
The components of income tax expense (benefit) are as follows:
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Year Ended December 31, |
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2025 |
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2024 |
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Federal |
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Current tax expense |
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$ |
— |
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$ |
— |
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Deferred tax expense (benefit) |
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(9,180,760 |
) |
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60,427,097 |
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Total federal |
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(9,180,760 |
) |
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60,427,097 |
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State and local |
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Current tax expense |
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— |
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— |
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Deferred tax expense (benefit) |
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(9,100,242 |
) |
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20,828,950 |
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Total state and local |
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(9,100,242 |
) |
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20,828,950 |
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Total income tax expense (benefit) |
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$ |
(18,281,002 |
) |
|
$ |
81,256,047 |
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| Schedule of Rise to Deferred Tax Assets and Liabilities |
The temporary differences that give rise to deferred tax assets and liabilities are as follows:
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December 31, |
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2025 |
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2024 |
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Deferred tax assets |
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Net operating losses |
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$ |
7,558,637 |
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$ |
2,894,110 |
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Stock-based compensation and other accrued expenses |
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1,533,579 |
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621,958 |
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Start-up costs |
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820,304 |
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778,644 |
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Capitalized R&D expense |
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1,052,373 |
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1,287,402 |
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Lease liabilities |
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30,515 |
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40,611 |
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Total deferred tax asset |
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10,995,408 |
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5,622,725 |
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Deferred tax liabilities |
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Outside basis in joint venture |
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73,941,884 |
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86,839,767 |
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Right-of-use asset |
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28,325 |
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38,709 |
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Other |
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244 |
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|
296 |
|
Total deferred tax liability |
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73,970,453 |
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86,878,772 |
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Net deferred tax liabilities |
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$ |
62,975,045 |
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$ |
81,256,047 |
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