Annual report [Section 13 and 15(d), not S-K Item 405]

Income taxes (Tables)

v3.25.1
Income taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Reconciliation of Federal Statutory Income Tax Provision To Company's Actual Provision
A reconciliation of the federal statutory income tax provision to our actual provision for the years ended December 31, 2024 and 2023 is as follows:
  2024 2023
Pre-tax book income (loss) $ (4,651,205) $ (4,490,665)
Expected tax at 21%
(976,753) (943,040)
Permanent differences:
Goodwill impairment 45,632  — 
Intangible amortization (37,003) (46,373)
Other 5,169  6,474 
State taxes:
Current 22,565  32,491 
Deferred (234,928) (264,759)
Other items:
Expired net operating losses 324,799  — 
Federal research and development credits —  (84,592)
Deferred tax past year true-ups (91,289) (63,440)
Change in valuation allowance 920,794  980,342 
Capitalized research and development expenses —  334,120 
Other 43,579  81,268 
Income tax provision $ 22,565  $ 32,491 
Schedule of Deferred Tax Assets
The components of net deferred tax assets recognized in the accompanying consolidated balance sheets at December 31, 2024 and 2023 are as follows:
  2024 2023
Net operating loss carryforwards $ 12,025,000  $ 10,840,000 
R&D and ITC credit carryforwards 396,000  403,000 
Accrued expenses and other 267,000  381,000 
Intangibles 370,000  499,000 
Leases —  8,000 
Accounts receivable 76,000  39,000 
Stock options 486,000  450,000 
Inventory 279,000  427,000 
Property, plant and equipment 578,000  650,000 
Other 464,000  323,000 
Deferred tax assets 14,941,000  14,020,000 
Valuation allowance (14,941,000) (14,020,000)
Deferred tax assets, net $ —  $ —