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Income taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income taxes | Note 18 - Income taxes Income tax expense for the years ended December 31, 2024 and 2023 comprises the following current and deferred amounts:
| 2024 |  | 2023
Current expense: |  |  |
Federal | $ | 2,304,556 |  |  | $ | 4,457,712 |
State | 819,835 |  |  | 1,117,221 |
Total current expense | 3,124,391 |  |  | 5,574,933 |
Deferred expense: |  |  |
Federal | (10,814,027) |  |  | (2,041,270) |
State | (2,029,052) |  |  | (576,647) |
Total deferred benefit | (12,843,079) |  |  | (2,617,917) |
Total income tax (benefit) expense | $ | (9,718,688) |  |  | $ | 2,957,016 |
The following table reconciles the statutory federal income tax rate to the effective income tax rate for the years ended December 31, 2024 and 2023:
| 2024 |  | 2023
| $ | % |  | $ | %
Income taxes at federal statutory rate | $ | 7,809,285 |  | 21.0 | % |  | $ | 25,674,482 |  | 21.0 | %
State income taxes, net of federal tax | (1,381,381) |  | (3.7) | % |  | 305,959 |  | 0.3 | %
Loss on extinguishment of Convertible Notes | 2,260,554 |  | 6.1 | % |  | — |  | — | %
Change in fair value of derivative liabilities | (18,756,356) |  | (50.4) | % |  | (24,301,964) |  | (19.9) | %
Non-deductible expenses | 349,210 |  | 0.9 | % |  | 254,097 |  | 0.2 | %
Change in tax status | — |  | — | % |  | 1,024,442 |  | 0.8 | %
Income tax (benefit) expense | $ | (9,718,688) |  | (26.1) | % |  | $ | 2,957,016 |  | 2.4 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2024 and 2023:
| 2024 |  | 2023
Deferred tax assets: |  |  |
§263A Uniform Capitalization Rules | $ | 318,129 |  |  | $ | 898,412 |
Warranty reserve | 549,652 |  |  | 324,798 |
Other accrued expenses and liabilities | 1,234,464 |  |  | 260,960 |
Stock-based compensation | 2,831,845 |  |  | 1,643,593 |
Interest expense | 10,568,630 |  |  | 407,725 |
Operating lease liabilities | 738,112 |  |  | 1,388,547 |
Start-up/organization costs | 1,474,570 |  |  | 1,582,745 |
Other | 51,437 |  |  | 82,210 |
Total deferred tax asset | 17,766,839 |  |  | 6,588,990 |
Deferred tax liabilities: |  |  |
§481(a) Unfavorable Adjustment | (516,494) |  |  | (650,714) |
Inventories | (751,309) |  |  | (1,332,223) |
Prepaid insurance | (272,762) |  |  | (352,030) |
Property, plant and equipment, net | (124,678) |  |  | (202,969) |
Operating right-of-use assets | (693,355) |  |  | (1,350,092) |
Intangible Assets | (84,926) |  |  | (283,299) |
Other | (74,821) |  |  | (12,246) |
Total deferred tax liability | (2,518,345) |  |  | (4,183,573) |
Net deferred tax asset | $ | 15,248,494 |  |  | $ | 2,405,417 |
Management believes that the Company will have sufficient future taxable income to make it more likely than not that the net deferred tax assets will be realized. As of December 31, 2024 and 2023, the Company had no valuation allowance recorded against deferred tax assets and no uncertain tax positions that qualify for inclusion in the consolidated financial statements, and has not recognized or accrued for any interest or penalties. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. UHG is subject to U.S. federal income tax and various state income tax examinations for calendar tax years ending 2019 through 2024. Currently, the Company is not subject to any open audits.

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