Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Components of Income Tax Provision

The components of the income tax provision for the three and six months ended June 30, 2024 and 2023 are as follows:

	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Current:
Federal	$	—		$	—		$	—		$	—
State		17,184			16,537			35,277			31,719
		17,184			16,537			35,277			31,719
Deferred:
Federal		565,552			357,776			368,178			97,824
State		31,226			14,239			149,907			145,469
Subtotals		596,778			372,015			518,085			243,293
Change in deferred tax valuation allowance		(596,778	)		(372,015	)		(518,085	)		(243,293	)
		—			—			—			—
Income tax provision	$	17,184		$	16,537		$	35,277		$	31,719

Reconciliation of Statutory Federal Income Tax Provision (Benefit)

	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Statutory federal income tax provision	$	1,043,231		$	1,107,584		$	1,324,823		$	1,402,150
Federal tax impact of REIT election		(259,448	)		(539,100	)		(530,293	)		(842,886	)
Federal impact of PPP loan forgiveness		—			—			—			(56,470	)
State income tax benefit, net of federal provision (benefit)		(169,821	)		(179,932	)		(241,168	)		(227,782	)
Change in valuation allowance		(596,778	)		(372,015	)		(518,085	)		(243,293	)
Income tax (benefit) provision	$	17,184		$	16,537		$	35,277		$	31,719