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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of Deferred Tax Assets and Liabilities

		December 31,
		2023				2022
Deferred tax assets:
Goodwill		$	151,634			$	168,897
Capitalized start-up costs			55,077				65,305
Other intangibles			6,808				8,068
Other accruals			36,760				17,425
Stock compensation			359,378				80,374
Net operating loss			3,561,783				1,009,495
Contribution carryforward			832				346
Unrealized gain/loss			—				(10,499	)
Unearned revenue			35,399				5,763
Research and development costs			887,434				353,746
Reserves and allowances			136,942				—
Deferred tax assets			5,232,047				1,698,920
Less valuation allowance			(5,173,947	)			(1,665,938	)
Net deferred tax assets after valuation allowance		$	58,100			$	32,982
Deferred tax liabilities:
Depreciation		$	(58,100	)		$	(32,982	)
Deferred tax liabilities			(58,100	)			(32,982	)
Net deferred tax asset (liability)		$	—			$	—

Schedule of Effective Income Tax Rate Reconciliation

		December 31,
		2023				2022
Rate Reconciliation
Federal income tax at statutory rate			21.00	%			21.00	%
Change in state tax			1.99	%			0.02	%
Change in valuation allowance			-43.19	%			-20.59	%
Permanent differences			10.70	%			-1.80	%
State taxes			6.23	%			2.05	%
Other			3.27	%			-0.68	%
Effective income tax rate			0	%			0	%

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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
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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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
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