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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Taxes and Effective Income Tax Rate

Provision (benefit) for Income Taxes and Effective Income Tax Rate

Schedule of Income Taxes and Effective Income Tax Rate 

		September 30, 2024				September 30, 2023
Federal
Current		$	135,000			$	-
Deferred			2,835,000				-
Total provision (benefit)		$	2,970,000			$	-
State
Current		$	-			$	-
Deferred			-				-
Total provision (benefit)		$	-			$	-

Schedule of Components of Income Tax Expense (Benefit)

A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate of 21% to income before provision for income taxes for the nine months ended September 30, 2024 and 2023, respectively, is approximately as follows:

 Schedule of Components of Income Tax Expense (Benefit)

		September 30, 2024				September 30, 2023
Federal income tax expense (benefit) - 19.64%		$	(5,096,000	)		$	893,000
State income tax expense (benefit) - 6.5% - net of federal effect			(1,552,000	)			296,000
Non-deductible items			1,388,000				-
Subtotal			(5,260,000	)			1,189,000
Change in valuation allowance			8,230,000				(1,189,000	)
Income tax expense (benefit)		$	2,970,000			$	-
Effective tax rate			-12.92	%			0.00	%

Schedule of Deferred Tax Assets and Liabilities

As of September 30, 2024 and December 31, 2023, respectively, the significant components of deferred tax assets and liabilities is as follows:

 Schedule of Deferred Tax Assets and Liabilities

		September 30, 2024				December 31, 2023
Deferred Tax Assets
Reserve for uncollectible accounts		$	3,000			$	5,000
Stock based compensation			178,000				-
Net operating loss carryforwards			8,077,000				3,844,000
Total deferred tax assets			8,258,000				3,849,000
Less: valuation allowance			(8,037,000	)			(790,000	)
Net deferred tax assets			221,000				3,059,000
Deferred Tax Liabilities
Depreciation			52,000				224,000
Amortization			165,000				-
Net deferred tax liabilities			217,000				224,000
Deferred income taxes - net		$	-			$	2,835,000

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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

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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