v3.26.1
INCOME TAXES (Tables)
6 Months Ended
Jun. 30, 2026
INCOME TAXES  
Schedule of provision for income taxes

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Current

 

 

 

 

 

 

 

 

 

 

 

 

Domestic-Federal

 

$(124,650)

 

$(4,710)

 

$52,131

 

 

$(9,048)

Domestic-State

 

 

119

 

 

 

25

 

 

 

53,727

 

 

 

(1,717)

Franchise taxes

 

 

2,176

 

 

 

7,240

 

 

 

7,831

 

 

 

11,155

 

Foreign

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

(122,354)

 

 

2,555

 

 

 

113,689

 

 

 

390

 

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic-Federal

 

 

(39,593)

 

 

(51,493)

 

 

(662,298)

 

 

(117,861)

Domestic-State

 

 

(44,715)

 

 

(5,890)

 

 

(213,201)

 

 

(17,065)

Foreign

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

(84,308)

 

 

(57,383)

 

 

(875,499)

 

 

(134,926)
Total Provision/(Benefit) for Income Taxes

 

$(206,662)

 

$(54,828)

 

$(761,810)

 

$(134,536)
Schedule of effective income tax rate reconciliation

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic-Federal

 

$(345,897)

 

$(69,514)

 

$(1,337,255)

 

$(150,713)
State taxes, net of federal benefit

 

 

(95,691)

 

 

(15,176)

 

 

(364,278)

 

 

(35,171)
Non-deductible expenses

 

 

11,366

 

 

 

10,931

 

 

 

24,275

 

 

 

29,416

 

Franchise taxes

 

 

2,176

 

 

 

7,240

 

 

 

7,831

 

 

 

11,155

 

Revision of prior years' deferred taxes

 

 

(49,129)

 

 

6,649

 

 

 

(49,129)

 

 

570

 

Change in estimated future income tax rates

 

 

32,398

 

 

 

32,224

 

 

 

(87,026)

 

 

64,024

 

Change in valuation allowance

 

 

272,864

 

 

 

(27,182)

 

 

1,045,921

 

 

 

(53,815)
Other

 

 

(34,749)

 

 

(1)

 

 

(2,148)

 

 

(1)
Total Provision/(Benefit) for Income Taxes

 

$(206,662)

 

$(54,828)

 

$(761,810)

 

$(134,536)
Schedule of deferred tax assets and liabilities

 

 

June 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Deferred Tax Assets:

 

 

 

 

 

 

Operating Loss Carry forwards

 

$1,560

 

 

$8,169

 

Stock-Based Compensation

 

 

2,810,058

 

 

 

2,742,007

 

Sales Allowances

 

 

93,522

 

 

 

91,257

 

Provision for Credit Losses Extrax NM Loans

 

 

112,717

 

 

 

109,987

 

Inventory Reserve (Allowance)

 

 

1,762,513

 

 

 

-

 

Accrued Related Party Expenses

 

 

2,651

 

 

 

1,383

 

Interest Carryforward

 

 

-

 

 

 

65,675

 

Allowance for Doubtful Accounts

 

 

322,616

 

 

 

331,026

 

Lease Liabilities

 

 

16,898

 

 

 

16,205

 

Investment Impairments

 

 

506,675

 

 

 

468,384

 

Fixed Asset Impairments

 

 

55,592

 

 

 

-

 

Less: Valuation allowance

 

 

(4,366,299)

 

 

(3,320,378)

Total Deferred Tax Assets

 

 

1,318,504

 

 

 

513,715

 

 

 

 

 

 

 

 

 

 

Deferred Tax Liabilities:

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

(173,202)

 

 

(243,913)

Total Deferred Tax Liabilities

 

 

(173,202)

 

 

(243,913)

 

 

 

 

 

 

 

 

 

Net Deferred Tax Assets/(Liabilities)

 

$1,145,302

 

 

$269,802