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Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Taxes  
Income Taxes

Note 8 – Income Taxes

 

As of March 31, 2025, we have $2,676 deferred income tax expense and incur only the minimum state taxes which are included in operating expenses. We have deferred tax assets of $42,874,783. We believe it is more likely than not that essentially none of our deferred tax assets will be realized, and we have recorded a valuation allowance of $41,895,025 for the deferred tax assets that may not be realized as of March 31, 2025. We also have deferred tax liabilities totaling $1,079,700 as of March 31, 2025, related to intangible assets acquired in March 2012 and February 2017. These balances are presented as a net deferred tax liability of $99,942 composed of indefinite lived intangible assets. As of December 31, 2024, the Company had a net deferred tax liability of $97,266. The net deferred tax liability is due to goodwill and trade name that are amortized for tax purposes both of which are not being amortized for book purposes.