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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of company’s effective tax rate | A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate consists of the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Statutory federal income tax benefit | 21.00 | % |  | 21.00 | % |  | 21.00 | %
Permanent items | 26.18 | % |  | 0.56 | % |  | (2.71) | %
State taxes, net of federal tax benefit | 20.67 | % |  | 7.77 | % |  | 5.99 | %
Effects of Rates Different from Statutory | (0.04) | % |  | 0.17 | % |  | (0.06) | %
Rate Change | 0.04 | % |  | 0.01 | % |  | — | %
Other | (29.54) | % |  | (3.64) | % |  | (0.71) | %
Change in valuation allowance | (1.91) | % |  | (54.94) | % |  | (20.98) | %
Income tax provision (benefit) | 36.40 | % |  | (29.07) | % |  | 2.53 | %
Schedule of income tax expense (benefit) | The components of income tax expense (benefit) are as follows:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 2,555,164 |  |  | $ | 1,493,772 |  |  | $ | 295,956 |
State and local | 5,782,335 |  |  | 502,872 |  |  | 319,741 |
Foreign | - |  |  | - |  |  | - |
| $ | 8,337,499 |  |  | $ | 1,996,644 |  |  | $ | 615,697 |
Deferred: |  |  |  |  |
Federal | $ | 1,650,695 |  |  | $ | (7,683,475) |  |  | $ | - |
State and local | (3,256,914) |  |  | (2,649,791) |  |  | - |
Foreign | (375,300) |  |  | 375,301 |  |  | - |
| (1,981,519) |  |  | (9,957,965) |  |  | - |
Total income tax expense (benefit) | $ | 6,355,980 |  |  | $ | (7,961,321) |  |  | $ | 615,697 |
Schedule of deferred tax assets and liabilities | The temporary differences that give rise to deferred tax assets and liabilities are as follows:
| For the Years Ended December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Allowance for doubtful accounts | $ | 1,683,119 |  |  | $ | 893,328 |
Accrued expenses | 799,295 |  |  | 382,649 |
Lease liability | 4,674,177 |  |  | 2,359,566 |
Stock compensation | 5,039,590 |  |  | 2,780,020 |
Research and development expense | 865,800 |  |  | 303,446 |
Net operating loss | 4,568,113 |  |  | 11,523,633 |
Other | (471,694) |  |  | (466,789) |
Total deferred tax asset | $ | 17,158,400 |  |  | $ | 17,775,853 |
Valuation allowance | (1,207,673) |  |  | (1,520,345) |
Deferred income tax assets, net of allowance | $ | 15,950,727 |  |  | $ | 16,255,508 |
Deferred tax liabilities: |  |  |
Prepaid expenses | $ | (780,767) |  |  | $ | (994,644) |
Depreciation | (3,819,069) |  |  | (2,798,988) |
Right-of-use asset | (4,544,024) |  |  | (2,346,070) |
Amortization | 5,081,672 |  |  | (157,839) |
Total deferred tax liability | $ | (4,062,188) |  |  | $ | (6,297,541) |
Deferred tax assets, net of allowance | $ | 11,888,539 |  |  | $ | 9,957,967 |

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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 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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