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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

SCHEDULE OF DEFERRED TAX ASSETS

The components of the deferred income tax assets and liabilities consisted of the following:

SCHEDULE OF DEFERRED TAX ASSETS

		2023				2022
		As of December 31,
		2023				2022
Deferred tax assets
Net operating loss carry forwards		$	12,467,570			$	6,818,547
Research and development costs			2,119,193				707,076
Stock compensation expense			711,598				232,250
Accrued expenses			528,148				-
Lease liability			512,668				-
Contingent liability			221,028				-
Acquisition liability			176,629				-
Bad debt and other reserves			129,924				92,286
Inventory reserves			109,176				43,678
Other temporary differences			203,340				26,102
Total deferred tax assets			17,179,274				7,919,939
Deferred tax liabilities
Depreciation and amortization			(6,180,688	)			(5,919,626	)
Right of Use assets			(487,402	)			-
Accrued expenses			(424,423	)			(26,903	)
Contingent liability			(130,802	)			-
Other temporary differences			(166,712	)			-
Valuation allowance			(9,789,247	)			(1,973,410	)
Net deferred tax asset		$	-			$	-

SCHEDULE OF INCOME TAX EXPENSE (BENEFIT)

 SCHEDULE OF INCOME TAX EXPENSE (BENEFIT)

		2023				2022
		For the Year Ended December 31,
		2023				2022
Expected federal income tax (expense) benefit		$	(903,220	)		$	2,851,758
State and local taxes, net of federal (expense) benefit			(226,714	)			-
Fair value adjustments			(819,270	)			-
Share-based compensation			(557,168	)			(249,516	)
Other permanent differences			118,765				-
NOL carryover adjusted for expiration			-				46,936
Equity method investment loss			-				(79,723	)
Meals and entertainment			-				(4,843	)
Research and development costs			-				(707,076	)
Other temporary differences			-				329,829
NOL carryover adjustments			(5,148,128	)			-
Intangibles			(720,407	)			-
Other true ups			(230,474	)			-
Changes in tax rates			673,449				-
Change in valuation allowance			7,813,167				3,657,431
Income tax (expense) benefit		$	-			$	5,844,796

All tax years starting with 2021 are open for examination.

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- References

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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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

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-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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