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Income Taxes (Tables)

12 Months Ended

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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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
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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.

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-Section 50
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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.

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