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Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2023

Taxes on Income [Abstract]

Schedule of Income Tax Expense (Benefit) Included in the Statements of Operations and Comprehensive Loss

Income tax expense (benefit) included in the statements of operations and comprehensive loss consisted of the following:

		December 31,
		2023				2022
Current
Federal		$	2,381,973			$	-
Foreign			2,204,454				-
State			995,545				-
Total current			5,581,972				-
Deferred
Federal			366,647				-
Foreign			-				-
State			-				-
Total deferred			366,647
Total provision		$	5,948,619			$	-

Schedule of Reconciliation Income Tax Expense

Income tax expense differed from the amount computed by applying the Federal statutory income tax rate of 21% to pretax income (loss) for fiscal year 2023 as a result of the following:

		December 31, 2023
		Amount				Rate
Income (loss) before taxes		$	(52,596,474	)
Federal tax at statutory rate			(11,460,373	)			21.79	%
State income taxes, net of federal tax benefit			(1,446,935	)			2.75	%
Foreign taxes			1,245,213				(2.37	)%
Change in valuation allowance			167,085				(0.32	)%
162(m) limitations			94,389				(0.18	)%
Stock based compensation			1,349,670				(2.57	)%
Permanent differences			(367,013	)			0.70	%
Difference and changes in tax rates			(1,308,774	)			2.49	%
Impact of deconsolidation			(1,604,439	)			3.05	%
Return to provision			19,279,796				(36.66	)%
Total		$	5,948,619				(11.32	)%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of the Company’s deferred tax assets and liabilities related to the following:

		December 31,
		2023				2022
Assets
Net operating loss carryforwards		$	25,994,146			$	15,762,452
Operating Lease Liability			630,235				782,080
Accrued Liabilities			1,989,103				166,650
Unrealized Loss			1,428,304				2,473,377
Stock based compensation			5,836,809				5,874,815
Disallowed Interest Expense			-				2,548,266
Business interest expense deduction limit			2,178,167				-
Other			22,865				186,432
Total deferred tax assets			38,079,629				27,794,072
Liabilities
Right of Use Asset			(597,503	)			(770,635	)
Property and equipment, net			(10,150,612	)			(1,112,435	)
Derivative asset			(1,016,616	)			-
Total deferred tax liabilities			(11,764,731	)			(1,883,070	)
Valuation allowance			(26,681,545	)			(25,911,002	)
Net deferred tax liability		$	(366,647	)		$	-

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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
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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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-Paragraph 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.

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