Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Income Taxes [Abstract] |
|
| Schedule of Expense or (Benefit) for Income Taxes |
The
following table sets forth the expense or (benefit) for income taxes:
| |
|
Year Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Current income tax expense (benefit) |
|
|
|
|
|
|
| U.S. federal |
|
$ |
— |
|
|
$ |
(50,000 |
) |
| U.S. state |
|
|
— |
|
|
|
2,826 |
|
| Foreign |
|
|
— |
|
|
|
— |
|
| Total current income taxes |
|
|
— |
|
|
|
(47,174 |
) |
| Deferred income tax benefit |
|
|
|
|
|
|
|
|
| U.S. federal |
|
$ |
— |
|
|
$ |
(653,945 |
) |
| U.S. state |
|
|
— |
|
|
|
— |
|
| Total deferred income benefit |
|
|
— |
|
|
|
(653,945 |
) |
| Total income tax benefit |
|
$ |
— |
|
|
$ |
(701,119 |
) |
|
| Schedule of Statutory Federal Income Tax Rate to Actual Expense Based on Loss Before Income Taxes |
The
following table sets forth reconciliations of the income tax expense at the statutory federal income tax rate to actual expense based
on our loss before income taxes:
| |
|
Year Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Income tax expense (benefit) attributable to: |
|
|
|
|
|
|
| Federal |
|
$ |
(2,406,564 |
) |
|
$ |
(16,749,778 |
) |
| State, net of federal benefit |
|
|
(252,836 |
) |
|
|
(853,392 |
) |
| Foreign tax rate differential |
|
|
(76,018 |
) |
|
|
(11,543 |
) |
| Transaction costs |
|
|
167,137 |
|
|
|
— |
|
| Other permanent differences |
|
|
207,525 |
|
|
|
472,270 |
|
| Goodwill impairment |
|
|
358,744 |
|
|
|
9,172,756 |
|
| Rate changes |
|
|
(51,003 |
) |
|
|
(992 |
) |
| Changes in valuation allowance |
|
|
(3,591,436 |
) |
|
|
7,501,917 |
|
| Provision to return adjustment |
|
|
486,727 |
|
|
|
62,788 |
|
| Deferred impact of subsidiary sales |
|
|
5,157,724 |
|
|
|
(247,839 |
) |
| Other adjustments |
|
|
— |
|
|
|
(47,306 |
) |
| Effective income tax expense (benefit) |
|
$ |
— |
|
|
$ |
(701,119 |
) |
|
| Shedule of Deferred Income Tax Assets and Liabilities |
The
following table sets forth our deferred income tax assets and liabilities:
| |
|
As
of December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Noncurrent deferred
tax assets: |
|
|
|
|
|
|
| Employee
compensation |
|
$ |
63,091 |
|
|
$ |
136,154 |
|
| Debt
issuance costs |
|
|
— |
|
|
|
39,381 |
|
| Revenue
recognition |
|
|
— |
|
|
|
64,662 |
|
| Settlement
accrual |
|
|
49,575 |
|
|
|
178,549 |
|
| Fixed
assets |
|
|
171,268 |
|
|
|
774,936 |
|
| Section
174 capitalization |
|
|
1,219,926 |
|
|
|
1,121,311 |
|
| Federal
and state net operating loss |
|
|
14,226,635 |
|
|
|
13,860,338 |
|
| Foreign
net operating loss |
|
|
56,739 |
|
|
|
4,641,293 |
|
| Other |
|
|
4,718 |
|
|
|
280,430 |
|
| Total
deferred tax assets |
|
$ |
15,791,952 |
|
|
$ |
21,097,054 |
|
| |
|
|
|
|
|
|
|
|
| Noncurrent
deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Intangible assets |
|
|
— |
|
|
|
(1,713,666 |
) |
| Total
deferred tax liabilities |
|
$ |
— |
|
|
$ |
(1,713,666 |
) |
| Valuation
allowance |
|
|
(15,791,952 |
) |
|
|
(19,383,388 |
) |
| Deferred
tax asset (liability), net after valuation allowance |
|
$ |
— |
|
|
$ |
— |
|
|