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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule of Federal Income Tax

The provision for Federal income tax consists of the following for the years ended December 31, 2023 and 2022:

		2023				2022
Federal income tax benefit (expense) attributable to:
Current operations		$	5,284,000			$	2,402,000
State tax effect, net of federal benefit			569,000				545,000
Option exercise benefits (expenses), net of Section 162M limitations			(3,100,000	)			(268,000	)
Transaction costs			(360,000	)			—
Other adjustments			44,922				221,000
Valuation allowance			5,160,000				(2,900,000	)
Income tax benefit		$	7,597,922			$	—

		2023				2022
Current tax benefit (expense) - Federal		$	—			$	—
Current tax benefit (expense) - State			(97,452	)			—
Total current (expense)			(97,452	)			—
Deferred tax benefit (expense) - Federal			6,488,661				—
Deferred tax benefit (expense) - State			1,206,713				—
Total deferred benefit			7,695,374				—
Total tax benefit on loss		$	7,597,922			$	—

Schedule of Net Deferred Tax

The cumulative tax effect of significant items comprising our net deferred tax amount at the expected rate of 21% is as follows as of December 31, 2023 and 2022:

		2023				2022
Deferred tax assets attributable to:
Net operating loss carryover		$	4,864,000			$	5,545,000
Stock compensation			3,744,000				3,953,000
Operating lease liability			115,000				63,000
Section 174 capitalized expenses			2,533,000				789,000
Fixed assets			—				126,000
Other			103,000				16,000
Deferred tax assets		$	11,720,000			$	10,492,000
Deferred tax liabilities attributable to:
Intangibles		$	(12,393,000	)		$	(2,102,000	)
Operating lease right-of-use assets			(110,000	)			(63,000	)
Goodwill			—				(106,000	)
Other			(198,424	)			(59,000	)
Deferred tax liabilities			(12,701,424	)			(2,330,000	)
Net deferred tax (liability) asset		$	(981,424	)		$	8,162,000
Valuation allowance			(3,356,000	)			(8,162,000	)
Net deferred tax liabilities		$	(4,337,424	)		$	—

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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