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Income Tax (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax [Abstract]

Schedule of Income Tax Expense (Benefit) Computed using the Federal Statutory Income Tax Rate to the Company’s Effective Income Tax Rate

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the year ended December 31, 2024 was as follows:

		Year Ended December 31, 2024
U.S. federal statutory rate		21.0	%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit		5.6	%
Change in fair value of Earnout, True-up and Subject Vesting liabilities		(2.2	)%
Costs related to Business Combination		3.7	%
Other permanent adjustments		(0.7	)%
Effective tax rate		27.4	%

A reconciliation of the expected income tax expense (benefit) computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the year ended December 31, 2024:

		Year Ended December 31, 2024
Income tax expense computed at federal statutory tax rate		$	62,359,838
Increase (decrease) due to:
State income taxes, net of federal income tax benefit			16,454,870
Change in fair value of Earnout, True-up and Subject Vesting liabilities			(6,622,560	)
Costs related to Business Combination			11,021,988
Other permanent adjustments			(1,958,089	)
Total income tax expense		$	81,256,047

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense are as follows:

		Year Ended December 31, 2024
Federal
Current tax expense		$	—
Deferred tax expense			60,427,097
Total federal			60,427,097
State and local
Current tax expense			—
Deferred tax expense			20,828,950
Total state and local			20,828,950
Total income tax expense		$	81,256,047

Schedule of Rise to Deferred Tax Assets and Liabilities

The temporary differences that give rise to deferred tax assets and liabilities are as follows:

		Year Ended December 31, 2024
Deferred tax assets
Net operating losses		$	2,894,110
Share-based compensation and other accrued expenses			621,958
Start-up costs			778,644
Capitalized R&D expense			1,287,402
Lease liabilities			40,611
Total deferred tax asset			5,622,725
Deferred tax liabilities
Outside basis in joint venture			86,839,767
Right-of-use asset			38,709
Other			296
Total deferred tax liability			86,878,772
Net deferred tax liabilities		$	81,256,047

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

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-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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