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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | 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 |
Effective Income Tax Rate Reconciliation | 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 | %
Components of Deferred Tax Assets and Liabilities | 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 |

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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 + Details
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