Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes [Abstract]  
Income Tax (Benefit) Expense by Jurisdiction

Year Ended December 31

2022

2021

Current year income taxes :

Federal

$

—

$

—

State

12,237

—

Income tax expense (benefit)

$

12,237

$

—

Reconciliation of Effective Tax Rate, by Percentage

Year Ended December 31

2022

2021

Tax at U.S. statutory rate

21.0%

21.0%

State income taxes, net of federal benefit

(5.3)

—

Other nondeductible items

31.2

—

Change in valuation allowance

(44.1)

(21.0)

Other

(3.2)

—

Effective tax rate

(0.4)%

0.0%

Schedule of Deferred Tax Assets and Liabilities

2022

2021

Deferred tax assets:

Allowance for doubtful accounts

$

47,353

$

—

Inventory

30,528

—

Accrued and prepaid expenses

184,418

—

Lease liability

1,055,975

—

Domestic net operating loss carry-forward

4,612,193

490,180

Other stock compensation

82,973

—

Intangible assets

—

—

Foreign net operating loss carry-forwards and credits

1,451,985

—

Federal and state credits

366,964

—

Other

786,904

1,776,156

Gross deferred tax assets

8,619,293

2,266,336

Valuation allowance

(6,560,649)

(2,266,336)

Net deferred tax assets

2,058,644

—

Deferred tax liabilities

Depreciation

(154,507)

—

Intangible assets

(853,130)

—

Lease right-of-use asset

(1,051,007)

—

Net deferred tax liability

(2,058,644)

—

Total net deferred tax asset

$

—

$

—

Summary of Uncertain Tax Positions

2022

2021

Uncertain tax positions – January 1

$

—

$

—

Opening balance sheet

112,850

Gross increases - current period tax positions

(37,503)

—

Uncertain tax positions – December 31, 2022

$

75,347

$

—