| Schedule of Components of Deferred Tax Assets and Liabilities |
Components of the Company's deferred tax assets and liabilities as of September 30, 2023 and December 31, 2022, are as follows:
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| Deferred Tax Assets and Liabilities |
|
September 30, 2023 |
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December 31, 2022 |
| Deferred Tax Assets: |
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| Deferred contract revenue |
$ |
— |
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|
$ |
1,230,985 |
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| Net operating loss carryforwards |
148,742 |
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|
7,027,439 |
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| Capital loss carryforward |
— |
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|
92,418 |
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| Other |
— |
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|
338 |
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| Sub-total |
$ |
148,742 |
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|
$ |
8,351,180 |
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| Valuation allowance |
— |
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|
(5,168,148) |
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| Sub-total |
$ |
148,742 |
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|
$ |
3,183,032 |
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| Deferred Tax Liabilities: |
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| Cost recovery of leased and fixed assets |
$ |
— |
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$ |
(4,386,744) |
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| Other |
— |
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|
(88,588) |
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| Sub-total |
$ |
— |
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|
$ |
(4,475,332) |
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| Total net deferred tax asset (liability) |
$ |
148,742 |
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|
$ |
(1,292,300) |
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| Deferred Tax Assets and Liabilities - Held-For-Sale |
|
September 30, 2023 |
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| Deferred Tax Assets: |
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| Deferred contract revenue |
$ |
1,104,815 |
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| Net operating loss carryforwards |
7,169,734 |
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| Capital loss carryforward |
92,418 |
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| Other |
317 |
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| Sub-total |
$ |
8,367,284 |
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| Valuation allowance |
(3,663,938) |
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| Sub-total |
$ |
4,703,346 |
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| Deferred Tax Liabilities: |
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| Cost recovery of leased and fixed assets |
$ |
(5,256,622) |
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| Other |
(101,875) |
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| Sub-total |
$ |
(5,358,497) |
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Total net deferred tax liability(1)
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$ |
(655,151) |
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| (1) The deferred tax liability is recorded within certain parent entities that are not part of the disposal group, however, because the liability was generated from the operations of the disposal group, the Company has included it within liabilities held-for-sale on the Consolidated Balance Sheet. |
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| Schedule of Components of Income Tax Expense |
The components of income tax expense (benefit) include the following for the periods presented:
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| Components of Income Tax Expense (Benefit) |
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For the Three Months Ended |
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For the Nine Months Ended |
|
September 30, 2023 |
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September 30, 2022 |
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September 30, 2023 |
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September 30, 2022 |
| Current tax expense |
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| Federal |
$ |
2,117 |
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$ |
31,781 |
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$ |
10,550 |
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$ |
238,587 |
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| State (net of federal tax expense) |
319 |
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|
3,406 |
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|
1,587 |
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|
104,521 |
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| Total current tax expense |
$ |
2,436 |
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|
$ |
35,187 |
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|
$ |
12,137 |
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|
$ |
343,108 |
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| Deferred tax expense (benefit) |
|
|
|
|
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| Federal |
$ |
602,142 |
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|
$ |
5,004 |
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|
$ |
(200,981) |
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|
$ |
77,784 |
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| State (net of federal tax expense) |
(441,734) |
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|
1,178 |
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|
(584,910) |
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|
16,820 |
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| Total deferred tax expense (benefit) |
$ |
160,408 |
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|
$ |
6,182 |
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|
$ |
(785,891) |
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|
$ |
94,604 |
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| Total income tax expense (benefit), net |
$ |
162,844 |
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|
$ |
41,369 |
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|
$ |
(773,754) |
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|
$ |
437,712 |
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