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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Components of Income Tax Provision

The components of the provision for income taxes for the years ended December 31, 2022, 2021, and 2020 are as follows:

 

 

 

Year Ended

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

 

 

$

 

 

$

(125,587

)

State

 

 

522,355

 

 

 

27,392

 

 

 

(6,054

)

 

 

 

522,355

 

 

 

27,392

 

 

 

(131,641

)

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

3,025,518

 

 

 

(149,704

)

 

 

(7,576,931

)

State

 

 

695,708

 

 

 

(38,580

)

 

 

(1,705,939

)

Subtotals

 

 

3,721,226

 

 

 

(188,284

)

 

 

(9,282,870

)

Change in deferred tax valuation allowance

 

 

(3,721,226

)

 

 

188,284

 

 

 

14,694,954

 

 

 

 

 

 

 

 

 

 

5,412,084

 

 

 

$

522,355

 

 

$

27,392

 

 

$

5,280,443

 

Reconciliation of Statutory Federal Income Tax Provision (Benefit)

A reconciliation of the statutory federal income tax provision (benefit) to the Company’s provision for income tax is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

 

December 31, 2020

 

Statutory federal income tax provision (benefit)

 

$

7,241,263

 

 

$

(5,987,572

)

 

$

(10,164,517

)

Federal tax impact of REIT election

 

 

(3,255,236

)

 

 

5,851,466

 

 

 

2,530,482

 

Statutory federal income tax provision (benefit) at TRS

 

 

3,986,027

 

 

 

(136,106

)

 

 

(7,634,035

)

Federal impact of PPP loan forgiveness

 

 

(966,584

)

 

 

 

 

 

 

State income tax provision (benefit), net of federal provision (benefit)

 

 

1,224,138

 

 

 

(24,786

)

 

 

(1,780,476

)

Change in valuation allowance

 

 

(3,721,226

)

 

 

188,284

 

 

 

14,694,954

 

 

 

$

522,355

 

 

$

27,392

 

 

$

5,280,443

 

Schedule of Significant Components of Deferred Tax Asset The significant components of our deferred tax asset as of December 31, 2022 and 2021, are as follows:

 

 

 

Year Ended

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

Deferred tax asset:

 

 

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

10,744,121

 

 

$

14,287,318

 

 

$

14,409,321

 

Accrued compensation

 

 

425,575

 

 

 

338,033

 

 

 

108,646

 

Accrued expenses and other

 

 

 

 

 

247,037

 

 

 

128,318

 

Intangible assets

 

 

10,092

 

 

 

28,627

 

 

 

48,670

 

Less: Valuation allowance

 

 

(11,179,788

)

 

 

(14,901,015

)

 

 

(14,694,955

)

     Total

 

$

 

 

$

 

 

$