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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule of Reconciliation of the Benefit for Income Taxes from Continuing Operations

Reconciliation of the benefit for income taxes from continuing operations recorded in the consolidated statements of operations with the amounts computed at the statutory federal tax rates for each year:

		2023				2022
Federal tax at statutory rate		$	(1,096,920	)		$	(630,700	)
State tax, net of federal tax			(91,893	)			(736,962	)
Tax impact on gain on bargain purchase			-				(3,036,868	)
Permanent differences			168,215				123,933
Change in statutory rate			30,789				7,862
Change in valuation allowance			-				(12,525,690	)
Other							163,374
Benefit/ (expense) for income taxes		$	(989,809	)		$	(16,635,051	)

Schedule of Tax Affected Components of Deferred Tax Assets and Deferred Tax Liabilities

Tax affected components of deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 were as follows:

		2023				2022
Deferred tax assets (liabilities):
Equity based compensation		$	677,514			$	428,111
Allowance for doubtful accounts			4,981,308				3,240,968
Fixed assets			(4,715,210	)			(8,479,349	)
Lease impairment			151,328				989,120
Lease Liability			391,076				439,758
Right of use asset			(308,793	)			(348,478	)
Accrued expenses			(57,410	)
Change in fair value of loans receivable			(5,684,857	)			(375,222	)
Tax credit carryforward			-				32,394
Sec 163(j) carryforward			3,269,003				-
Federal loss carry-forwards			15,266,448				16,219,665
State loss carry forward			4,111,334				4,567,883
Intangible assets			(5,138,380	)			(4,701,022	)
Other			-				-
Gross deferred tax			12,943,361				12,013,828
Valuation allowance			-				-
Net deferred tax assets/ liability		$	12,943,361			$	12,013,828

Schedule of Components of Income Tax Benefits

The components of income tax benefits for the years ended December 31, 2023 and 2022 were as follows:

		2023				2022
Current Income Tax:
Federal		$	205,910			$	-
State			(273,141	)			754,505
Deferred Income Tax:
Federal			(1,168,681	)			(13,439,360	)
State			246,103				(3,950,196	)
		$	(989,809	)		$	(16,635,051	)

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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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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.

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
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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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