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

$