Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

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

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	$	—	$	—