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v3.23.4

Income Taxes (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2023 | Dec. 31, 2022
Income Tax Disclosure [Abstract] |  |
Summary of the Company's Income Tax Expense (Benefit) | The following is a summary of our income tax expense (benefit) for the three and nine months ended September 30, 2023 and 2022:
|  | For the three months ended September 30, 2023 |
|  | Federal |  |  | State |  |  | Canadian |  |  | Total |
Current |  | $ | 116,507 |  |  | $ | 20,536 |  |  | $ | 155,044 |  |  | $ | 292,087 |
Deferreds |  |  | (2,619 | ) |  |  | (399 | ) |  |  | (1,339,119 | ) |  |  | (1,342,137 | )
Total |  | $ | 113,888 |  |  | $ | 20,137 |  |  | $ | (1,184,075 | ) |  | $ | (1,050,050 | )
|  | For the three months ended September 30, 2022 |
|  | Federal |  |  | State |  |  | Canadian |  |  | Total |
Current |  | $ | 82,097 |  |  | $ | 9,666 |  |  | $ | 134,113 |  |  | $ | 225,876 |
Deferreds |  |  | (2,619 | ) |  |  | (399 | ) |  |  | (120,625 | ) |  |  | (123,643 | )
Total |  | $ | 79,478 |  |  | $ | 9,267 |  |  | $ | 13,488 |  |  | $ | 102,233 |
|  | For the nine months ended September 30, 2023 |
|  | Federal |  |  | State |  |  | Canadian |  |  | Total |
Current |  | $ | 209,234 |  |  | $ | 38,124 |  |  | $ | 373,293 |  |  | $ | 620,651 |
Deferreds |  |  | (7,858 | ) |  |  | (1,197 | ) |  |  | (1,518,220 | ) |  |  | (1,527,275 | )
Total |  | $ | 201,376 |  |  | $ | 36,927 |  |  | $ | (1,144,927 | ) |  | $ | (906,624 | )
|  | For the nine months ended September 30, 2022 |
|  | Federal |  |  | State |  |  | Canadian |  |  | Total |
Current |  | $ | 201,384 |  |  | $ | 31,690 |  |  | $ | 280,020 |  |  | $ | 513,094 |
Deferreds |  |  | (496,457 | ) |  |  | (75,651 | ) |  |  | (343,228 | ) |  |  | (915,336 | )
Total |  | $ | (295,073 | ) |  | $ | (43,961 | ) |  | $ | (63,208 | ) |  | $ | (402,242 | )
| The following is a summary of the Company’s income tax expense (benefit) for the years ended December 31, 2022, 2021, and 2020:
|  | For the year ended December 31, 2022 |
|  | Federal |  |  | State |  |  | Canadian |  |  | Total |
Current |  | $ | 170,874 |  |  | $ | 27,020 |  |  | $ | 320,639 |  |  | $ | 518,533 |
Deferreds |  |  | (499,077 | ) |  |  | (76,050 | ) |  |  | (498,191 | ) |  | $ | (1,073,318 | )
Total |  | $ | (328,203 | ) |  | $ | (49,030 | ) |  | $ | (177,552 | ) |  | $ | (554,785 | )
|  | For the year ended December 31, 2021 |
|  | Federal |  |  | State |  |  | Canadian |  |  | Total |
Current |  | $ | 182,034 |  |  | $ | 32,559 |  |  | $ | — |  |  | $ | 214,593 |
Deferreds |  |  | (1,750,248 | ) |  |  | (266,704 | ) |  |  | (8,916 | ) |  |  | (2,025,868 | )
Total |  | $ | (1,568,214 | ) |  | $ | (234,145 | ) |  | $ | (8,916 | ) |  | $ | (1,811,275 | )
|  | For the year ended December 31, 2020 |
|  | Federal |  |  | State |  |  | Canadian |  |  | Total |
Current |  | $ | 30,713 |  |  | $ | 69,760 |  |  | $ | — |  |  | $ | 100,473 |
Deferreds |  |  | (3,071,502 | ) |  |  | (915,804 | ) |  |  | (1,939,425 | ) |  | $ | (5,926,731 | )
Total |  | $ | (3,040,789 | ) |  | $ | (846,044 | ) |  | $ | (1,939,425 | ) |  | $ | (5,826,258 | )
Schedule of Income Tax Expense (Benefit) Reconciled to the Hypothetical Amounts Computed at the U.S. Federal Statutory Income Tax Rate |  | Income tax expense (benefit) is reconciled to the hypothetical amounts computed at the U.S. federal statutory income tax rate for the years ended December 31, 2022, 2021, and 2020:
|  | Year Ended December 31, 2022 |  |  | Rate |
Expected tax at statutory rate |  | $ | 4,434,080 |  |  |  | 21.0 | %
Non-taxable REIT (income) loss |  |  | (4,610,750 | ) |  |  | -21.8 | %
State and local income tax expense - net of federal benefit |  |  | (38,734 | ) |  |  | -0.2 | %
Foreign income taxed at different rates |  |  | 47,180 |  |  |  | 0.2 | %
Change in valuation allowance |  |  | (416,953 | ) |  |  | -2.0 | %
Other |  |  | 30,392 |  |  |  | 0.1 | %
Total income tax expense (benefit) |  | $ | (554,785 | ) |  |  | -2.6 | %
|  | Year Ended December 31, 2021 |  |  | Rate |
Expected tax at statutory rate |  | $ | (4,489,427 | ) |  |  | 21.0 | %
Non-taxable REIT (income) loss |  |  | 2,655,349 |  |  |  | -12.4 | %
State and local income tax expense - net of federal benefit |  |  | (185,137 | ) |  |  | 0.9 | %
Foreign income taxed at different rates |  |  | (69,318 | ) |  |  | 0.3 | %
Change in valuation allowance |  |  | 400,146 |  |  |  | -1.9 | %
Other |  |  | (122,888 | ) |  |  | 0.6 | %
Total income tax expense (benefit) |  | $ | (1,811,275 | ) |  |  | 8.5 | %
|  | Year Ended December 31, 2020 |  |  | Rate |
Expected tax at statutory rate |  | $ | (11,976,943 | ) |  |  | 21.0 | %
Non-taxable REIT (income) loss |  |  | 8,553,281 |  |  |  | -15.0 | %
State and local income tax expense - net of federal benefit |  |  | (788,915 | ) |  |  | 1.4 | %
Foreign income taxed at different rates |  |  | 47,180 |  |  |  | -0.1 | %
Change in valuation allowance |  |  | (1,939,425 | ) |  |  | 3.4 | %
Other |  |  | 278,564 |  |  |  | -0.5 | %
Total income tax expense (benefit) |  | $ | (5,826,258 | ) |  |  | 10.2 | %
Schedule of Deferred Tax Assets and Liabilities | The major sources of temporary differences that give rise to the deferred tax effects are shown below:
|  | September 30, 2023 |  |  | December 31, 2022 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible contract assets |  | $ | (21,129 | ) |  | $ | (30,184 | )
Canadian real estate |  |  | (9,569,543 | ) |  |  | (10,123,376 | )
Total deferred tax liability |  |  | (9,590,672 | ) |  |  | (10,153,560 | )
Deferred tax assets: |  |  |  |  |  |  |  |
Other |  |  | 143,173 |  |  |  | 90,563 |
Canadian non-capital losses |  |  | 7,349,482 |  |  |  | 7,935,309 |
Total deferred tax assets |  |  | 7,492,655 |  |  |  | 8,025,872 |
Valuation allowance |  |  | (2,429,852 | ) |  |  | (4,077,932 | )
Net deferred tax liabilities |  | $ | (4,527,869 | ) |  | $ | (6,205,620 | )
| The major sources of temporary differences that give rise to the deferred tax effects are shown below:
|  | December 31, 2022 |  |  | December 31, 2021 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible contract assets |  |  | (30,184 | ) |  |  | (605,473 | )
Canadian real estate |  |  | (10,123,376 | ) |  |  | (10,166,453 | )
Total deferred tax liability |  |  | (10,153,560 | ) |  |  | (10,771,926 | )
Deferred tax assets: |  |  |  |  |  |  |  |
Other |  |  | 90,563 |  |  |  | — |
Canadian non-capital losses |  |  | 7,935,309 |  |  |  | 6,717,033 |
Total deferred tax assets |  |  | 8,025,872 |  |  |  | 6,717,033 |
Valuation allowance |  |  | (4,077,932 | ) |  |  | (3,664,367 | )
Net deferred tax liabilities |  | $ | (6,205,620 | ) |  | $ | (7,719,260 | )

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