INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense

	2023			2022
Current:
Federal	$	60,864		$	30,200
State		143,955			77,277
Current income tax provision		204,819			107,477
Deferred:
Federal		(4,002,660	)		–
State		(297,070	)		–
Deferred income tax (benefit) provision		(4,299,730	)		–
Income tax (benefit) provision	$	(4,094,911	)	$	107,477

Schedule of effective income tax rate reconciliation

	2023			2022
Federal taxes at U.S. statutory rate		21.0	%		21.0	%
Stock-based compensation		4.9			10.8
IRC Section 162(m) limitation		4.4			2.9
Tax credits		(9.2)			(10.7)
Other permanent differences		0.8			1.4
State taxes		2.5			2.6
Change in state rate		(0.1)			(1.4)
Foreign taxes		(0.5)			–
Return-to-provision adjustments		(5.9)			(1.1)
Valuation allowance release		(194.1)			–
Change in valuation allowance		0.5			(6.1)
Change in carryovers and tax attributes		2.5			(9.9)
Effective tax rate		(173.2)	%		9.5	%

Schedule of deferred tax assets and liabilities

	2023			2022
Deferred tax assets:
Net operating loss carryforward	$	2,581,783		$	3,704,696
Operating lease obligation		783,978			861,800
Stock-based compensation		928,455			784,212
Tax credits		506,285			460,271
Intangible assets		361,210			–
Other		112,847			27,112
		5,274,558			5,838,091
Deferred tax liabilities:
Intangible assets		–			(196,871	)
Fixed assets		(104,609	)		(101,300	)
Right-of-use assets		(761,073	)		(852,961	)
		(865,682	)		(1,151,132	)
Less valuation allowance		(109,146	)		(4,686,959	)
Deferred tax asset, net	$	4,299,730		$	–

Schedule of unrecognized tax benefits

Balance as of December 31, 2021	$	365,365
Additions for current year		24,270
Additions for prior year		–
Subtractions for current year		(10,821	)
Balance as of December 31, 2022		378,814
Additions for current year		43,587
Additions for prior year		19,785
Subtractions for current year		–
Balance as of December 31, 2023	$	442,186