Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

A reconciliation of the federal statutory income tax provision to our actual provision for the years ended December 31, 2023 and 2022 is as follows:


		2023		2022
Pre-tax book income (loss)		$	(4,490,665)	$	(2,381,360)
Expected tax at 21%		(943,040)		(500,086)

Permanent differences:

	Mark to market	—		(3,937)
	Intangible amortization	(46,373)		(89,480)


	Other	6,474		2,404

State taxes:
	Current	32,491		16,352
	Deferred	(264,759)		(162,688)

Other items:
	Federal research and development credits	(84,592)		(7,647)
	Deferred tax past year true-up's	(63,440)		(46,786)
	Change in valuation allowance	980,342		668,326
	Capitalized research and development expenses	334,120		174,674



	Other	81,268		(34,780)
Income tax provision		$	32,491	$	16,352

The components of net deferred tax assets recognized in the accompanying consolidated balance sheets at December 31, 2023 and 2022 are as follows:


	2023		2022
Net operating loss carryforwards	$	10,840,000	$	9,812,000
R&D and ITC credit carryforwards	403,000		310,000
Accrued expenses and other	381,000		317,000
Intangibles	486,000		342,000
Leases	8,000		17,000
Accounts receivable	39,000		96,000
Stock options	450,000		386,000
Inventory	427,000		366,000
Property, plant and equipment	650,000		705,000
Other	323,000		342,000
Deferred tax assets	14,007,000		12,693,000
Valuation allowance	(14,007,000)		(12,693,000)
Deferred tax assets, net	$	—	$	—