Schedule of Income Tax (Expense) Benefit |
The
provision for income taxes for the years ended December 31, 2023 and 2022 consists of the following:
Schedule of Income Tax (Expense) Benefit
|
|
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:
Schedule of Effective Income Tax Rate Reconciliation
|
|
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:
Schedule of Deferred Tax Assets and Liabilities
|
|
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 |
|
$ |
- |
|
|
$ |
- |
|
|