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v3.25.1

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes |
Schedule of components of income tax expense (benefit) |
|  | DECEMBER 31, |
|  | 2024 |  |  | 2023 |
Current provision (benefit) |  |  |  |  |  |
State |  | $ | 30,000 |  |  | $ | 30,000 |
Foreign |  |  | (20,285 | ) |  |  | (3,914 | )
Total |  |  | 9,715 |  |  |  | 26,086 |
Deferred provision (benefit) |  |  |  |  |  |  |  |
Federal |  |  | 5,252 |  |  |  | 57,849 |
State |  |  | 6,001 |  |  |  | 77,519 |
Foreign |  |  | (24,727 | ) |  |  | (28,211 | )
Total |  |  | (13,474 | ) |  |  | 107,157 |
Income tax provision (benefit) |  | $ | (3,759 | ) |  | $ | 133,243 |
Schedule of effective income tax rate reconciliation |
|  | DECEMBER 31, |
|  | 2024 |  |  | 2023 |
Statutory federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
State, net of federal benefit |  |  | 3.0 | % |  |  | 4.4 | %
Non-deductible expenses |  |  | 2.0 | % |  |  | -1.3 | %
Valuation allowance |  |  | -13.1 | % |  |  | -23.4 | %
Foreign rate differential |  |  | -2.1 | % |  |  | -0.6 | %
Return to accrual difference true-ups |  |  | -19.2 | % |  |  | -1.7 | %
Other |  |  | -2.0 | % |  |  | -0.8 | %
Deferred tax adjustment and true-up |  |  | 10.6 | % |  |  | 0.2 | %
Combined effective tax rate |  |  | 0.2 | % |  |  | -2.2 | %
Schedule of deferred tax assets and liabilities |
|  | DECEMBER 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 11,743,537 |  |  | $ | 11,836,460 |
Alternative minimum tax credit |  |  | 45,650 |  |  |  | 45,650 |
Share-based compensation |  |  | 419,033 |  |  |  | 531,179 |
Intangible amortization |  |  | (368,934 | ) |  |  | (334,043 | )
Lease liability |  |  | 1,804,217 |  |  |  | 1,581,946 |
Other assets |  |  | 1,082,595 |  |  |  | 770,488 |
Total deferred tax assets |  |  | 14,726,098 |  |  |  | 14,431,680 |
Less: valuation allowance |  |  | (12,160,371 | ) |  |  | (11,930,917 | )
Total deferred tax assets, net |  |  | 2,565,727 |  |  |  | 2,500,763 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Goodwill amortization |  |  | 399,032 |  |  |  | 366,764 |
Depreciation |  |  | 536,851 |  |  |  | 456,913 |
Foreign intangible amortization |  |  | 223,929 |  |  |  | 276,321 |
Other liabilities |  |  | 18,351 |  |  |  | 15,052 |
Lease asset |  |  | 1,398,979 |  |  |  | 1,402,636 |
Total deferred tax liabilities |  |  | 2,577,142 |  |  |  | 2,517,686 |
Net deferred tax (liability) asset |  | $ | (11,415 | ) |  | $ | (16,923 | )
Summary of valuation allowance |
|  | DECEMBER 31, |
|  | 2024 |  |  | 2023 |
Beginning balance |  | $ | (11,930,917 | ) |  | $ | (10,503,243 | )
Increases |  |  | (229,454 | ) |  |  | (1,427,674 | )
Ending balance |  | $ | (12,160,371 | ) |  | $ | (11,930,917 | )

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