Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule of Provision of Income Taxes

The components for the provision of income taxes include:

	December 31, 2023			December 31, 2022
Current Federal and State	$	586,000		$	(206,000	)
Deferred Federal and State		(194,000	)		(1,471,000	)
Total (benefit) provision for income taxes	$	392,000		$	(1,677,000	)

Schedule of Reconciliation of the Statutory Us Federal Income Tax Rate

A reconciliation of the statutory US Federal income tax rate to the Company’s effective income tax rate is as follows:

	December 31, 2023			December 31, 2022
Federal tax		21.0	%		21.0	%
State tax		1.7	%		1.1	%
Permanent items		(5.1	)%		(3.1	)%
Measurement period adjustment		(6.9	)%		-	%
Valuation allowance		(11.9	)%		-	%
Other		-	%		(5.5	)%
Effective income tax rate		(1.2	)%		13.5	%

Schedule of Major Components of Deferred Tax Assets and Liabilities

The major components of deferred tax assets and liabilities are as follows:

	December 31, 2023			December 31, 2022
Deferred tax assets
Inventory obsolescence	$	341,000		$	93,000
Sales return reserve		104,000			-
Business interest limitation		3,134,000			1,707,000
Lease liabilities		492,000			650,000
Other		123,000			75,000
Loss carryforward		1,845,000			285,000
Valuation allowance		(4,736,000	)		-
Total deferred tax assets	$	1,303,000		$	2,810,000
Deferred tax liabilities
Fixed assets	$	(391,000	)	$	(418,000	)
Right-of-use assets		(468,000	)		(628,000	)
Intangibles		(1,144,000	)		(2,363,000	)
Other		(58,000	)		-
Total deferred tax liabilities	$	(2,061,000	)	$	(3,409,000	)
Total net deferred income tax liabilities	$	(758,000	)	$	(599,000	)