Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Income Tax (Benefit) Expense by Jurisdiction

Year Ended December 31

2023

2022

Current year income taxes :

Federal

$

17,622

$

State

59,975

12,237

77,597

12,237

Deferred income taxes:

Federal

$

41,579

$

41,579

Income tax expense

$

119,176

$

12,237

Reconciliation of Effective Tax Rate, by Percentage

Year Ended December 31

2023

2022

Tax at U.S. statutory rate

21.0%

21.0%

State income taxes, net of federal benefit

4.4

(5.3)

Other nondeductible items

2.1

31.2

Change in valuation allowance

(30.0)

(44.1)

Other

0.5

(3.2)

Effective tax rate

(2.0)%

(0.4%)

Schedule of Deferred Tax Assets and Liabilities

2023

2022

Deferred tax assets:

Allowance for doubtful accounts

$

24,266

$

47,353

Inventory

32,768

30,528

Accrued and prepaid expenses

131,692

184,418

Lease liability

1,183,679

1,055,975

Domestic net operating loss carry-forward

5,308,336

4,612,193

Other stock compensation

214,248

82,973

Intangible assets

214,600

Foreign net operating loss carry-forwards and credits

1,451,985

1,451,985

Federal and state credits

357,430

366,964

Other

1,378,936

786,904

Gross deferred tax assets

10,297,940

8,619,293

Valuation allowance

(8,970,982)

(6,560,649)

Net deferred tax assets

1,326,958

2,058,644

Deferred tax liabilities

Depreciation

(203,210)

(154,507)

Intangible assets

(853,130)

Lease right-of-use asset

(1,165,327)

(1,051,007)

Net deferred tax liability

(1,368,537)

(2,058,644)

Total net deferred tax liability

$

(41,579)

$

Summary of Uncertain Tax Positions

2023

2022

Uncertain tax positions – January 1

$

75,347

$

Opening balance sheet

112,850

Gross decreases - current period tax positions

(32,319)

(37,503)

Uncertain tax positions – December 31, 2023

$

43,028

$

75,347