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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule of Income Tax Expense Differs from the Expected Tax Computed

The income tax provision consisted of the following:

		During the Years Ended December 31,
		2023				2022
Current
Federal		$	—			$	—
State			4,627				7,672
Current subtotal			4,627				7,672
Deferred
Federal			(1,179,474	)			(576,780	)
State			(145,802	)			(88,533	)
Deferred subtotal, gross			(1,325,276	)			(665,313	)
Valuation allowance			1,325,276				665,313
Deferred subtotal, net			—				—
Income tax expense		$	4,627			$	7,672

Schedule of Income Tax Expense Differs from the Expected Tax Computed

The actual income tax expense differs from the expected tax computed by applying the U.S. federal corporate tax rate of 21% to the loss before income taxes during the years ended December 31, 2023 and 2022 respectively, as follows:

		During the Years Ended December 31,
		2023								2022
		$				%				$				%
Computed expected income tax expense rate		$	(1,211,694	)			(21.00)	%		$	(522,088	)			(21.00	)%
State income taxes, net of federal expense			(117,149	)			(2.03	)			(47,643	)			(1.92	)
Share-based compensation			56,214				0.97				36,652				1.48
Tax credits			(53,241	)			(0.92	)			(131,361	)			(5.28	)
Valuation allowance			1,325,276				0.09				665,313				26.76
Other			5,221				22.97				6,799				0.27
Income tax expense/rate		$	4,627				0.08	%		$	7,672				0.31	%

Schedule of Significant Components of Our Deferred Tax Assets Net

The significant components of our deferred tax assets, net, consisted of the following:

		As of December 31,
		2023				2022
Property, plant and equipment		$	(2,121,940	)		$	(2,530,472	)
Federal general business tax credits			726,474				673,233
Federal net operating loss carryforwards			3,729,500				3,258,395
State tax credits and net operating loss carryforwards			886,428				817,617
§174 R & D expenditures			592,915				341,683
Deferred compensation			50,722				23,370
Prepaid expenses and other			37,124				15,587
UNICAP			32,607				32,787
Incentive compensation			100,200				76,554
Valuation allowance			(4,034,030	)			(2,708,754	)
Deferred tax assets, net		$	—			$	—

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-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.

+ References

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-SubTopic 10
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-Paragraph 12
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