Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of components of income tax expense (benefit)

	DECEMBER 31,
	2023			2022
Current provision
State	$	30,000		$	20,000
Foreign		(3,914	)		26,982
Total		26,086			46,982
Deferred provision (benefit)
Federal		57,849			4,717,527
State		77,519			298,832
Foreign		(28,211	)		14,534
Total		107,157			5,030,893
Income tax provision	$	133,243		$	5,077,875

Schedule of effective income tax rate reconciliation

	DECEMBER 31,
	2023			2022
Statutory federal income tax rate		21.0	%		21.0	%
State, net of federal benefit		4.4	%		4.0	%
Non-deductible expenses		-1.3	%		-5.7	%
Valuation allowance		-23.4	%		-45.9	%
Foreign rate differential		-0.6	%		0.0	%
Return to accrual difference true-ups		-1.7	%		0.3	%
Other		-0.8	%		-0.2	%
Deferred tax adjustment and true-up		0.2	%		-1.0	%
Combined effective tax rate		-2.2	%		-27.4	%

Schedule of deferred tax assets and liabilities

	DECEMBER 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	11,836,460		$	10,584,372
Alternative minimum tax credit		45,650			45,650
Share-based compensation		531,179			475,297
Intangible amortization		(334,043	)		(48,740	)
Lease liability		1,581,946			1,555,503
Other assets		770,488			167,825
Total deferred tax assets		14,431,680			12,779,907
Less: valuation allowance		(11,930,917	)		(10,503,243	)
Total deferred tax assets, net		2,500,763			2,276,664
Deferred tax liabilities:
Goodwill amortization		366,764			116,530
Depreciation		456,913			324,959
Foreign intangible amortization		276,321			334,973
Other liabilities		15,052			11,354
Lease asset		1,402,636			1,401,939
Total deferred tax liabilities		2,517,686			2,189,755
Net deferred tax (liability) asset	$	(16,923	)	$	86,909

Summary of valuation allowance

	DECEMBER 31,
	2023			2022
Beginning balance	$	(10,503,243	)	$	(1,999,630	)
Increases		(1,427,674	)		(8,503,613	)
Ending balance	$	(11,930,917	)	$	(10,503,243	)