INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The components of the provision for income taxes for the years ended December 31, 2023, and 2022, were as follows:

	For the years ended
	December 31, 2023		December 31, 2022
Current income tax provision expense (benefit):
Federal	$	—	$	—
State	—		—
Total current income tax provision expense (benefit)	$	—	$	—
Deferred income tax provision expense (benefit):
Federal	$	—	$	—
State	—		—
Total deferred income tax provision expense (benefit)	$	—	$	—
Total income tax provision expense (benefit)	$	—	$	—

Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax amount to the recorded income tax provision (benefit) expense

is detailed in the following table.

	For the years ended
	December 31, 2023		December 31, 2022
Income tax provision (benefit) expense at 21% federal statutory rate	$	(21,383,354)	$	(40,986,113)
Income attributable to nontaxable noncontrolling interest	6,390,037		22,241,255
State income tax provision (benefit) expense, net of federal tax effect	(2,731,180)		(3,495,720)
Change in valuation allowance	17,280,477		20,934,443
Change in state income tax rate	—		1,430,670
Other, net	444,020		(124,535)
Total income tax provision (benefit) expense	$	—	$	—

Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred income tax assets and liabilities as of December 31, 2023, and 2022, were as follows:

	December 31, 2023		December 31, 2022
Deferred income tax assets (liabilities):
Net operating loss and other carryforwards	$	22,519,017	$	25,852,100
Investment in Stronghold LLC	32,482,953		15,068,075
Total deferred income tax assets	$	55,001,970	$	40,920,175
Valuation allowance	(55,001,970)		(40,920,175)
Net deferred tax assets	$	—	$	—
Net deferred income tax assets (liabilities)	$	—	$	—