Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income Tax (Expense) Benefit

The provision for income taxes for the years ended December 31, 2023 and 2022 consists of the following:

 

    Year Ended December 31,
2023
    Year Ended December 31,
2022
 
Current                
Federal   $ -     $ (301,766 )
State     (239,834 )     (11,083 )
Total Current     (239,834 )     (312,849 )
                 
Deferred                
Federal     -       -  
State     -       -  
Total Deferred     -       -  
                 
Provision for income taxes   $ (239,834 )   $ (312,849 )

Schedule of Effective Income Tax Rate Reconciliation

The following reconciles the Federal statutory income tax rate to the Company’s effective tax rate for the years ended December 31, 2023 and 2022:

 

    Year Ended December 31,
2023
    Year Ended December 31,
2022
 
    %     %  
Federal statutory rate     21.0 %     21.0 %
Permanent and other items     15.0       (17.0 )
Federal income taxes audit and other adjustments     -       -  
Change in valuation allowance     (39.2 )     (14.5 )
 Effective income tax rate     (3.2) %     (10.5 )%

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are comprised of the following at December 31, 2023 and 2022:

 

    December 31,
2023
    December 31,
2022
 
Deferred income tax assets:                
Amortization   $ 233,410     $ 375,821  
Net operating loss carryforward     17,668,228       15,445,916  
Allowance for doubtful accounts     393,001       387,818  
Charitable contributions     -       644  
Stock options     -       1,003,453  
Accrued liabilities     5,121,508       1,826,839  
HHS Provider Relief Funds     37,845       67,685  
Employee retention credit     -       292,282  
HTS and AMSG basis difference     -       878,709  
Deferred state tax asset     4,043,616       4,089,682  
Total deferred income tax assets     27,497,608       24,368,849  
Deferred income tax liabilities:                
Right-of-use asset     (93,875 )     -  
Depreciation     (670,176 )     (583,812 )
Deferred tax asset, net     26,733,557       23,785,037  
                 
Less: valuation allowance     (26,733,557 )     (23,785,037 )
                 
Net deferred tax assets   $ -     $ -