Exhibit 99.1
Schedule of Restated 2022 Deferred Income Tax Positions
During our review of the Company’s deferred income tax positions as of December 31, 2023, the Company has determined that the following adjustments are needed to the Company’s previously reported December 31, 2022 deferred tax assets and liability balances (with no impact to the Company’s previously reported net deferred tax assets) due to the inadequate review, assessment of and reporting of the Company’s temporary differences between book and taxable income. The Company intends to restate the balances as previously reported, where needed, as follows:
Deferred Tax Assets: | 2022 (as Previously Reported) | Restatement Adjustments | 2022 (As Restated) | |||||||||
Allowance for credit losses | $ | 60,100 | $ | — | $ | 60,100 | ||||||
Capitalized R&D | 864,969 | — | 864,969 | |||||||||
Credit carryforwards | 2,193,146 | — | 2,193,146 | |||||||||
Inventory reserve | 1,130,788 | (407,797 | ) | 722,991 | ||||||||
Accrued payroll | 267,819 | — | 267,819 | |||||||||
Loss contracts reserve | 46,205 | — | 46,205 | |||||||||
Restricted stock | 160,989 | (68,312 | ) | 92,677 | ||||||||
Acquisition costs | 77,762 | — | 77,762 | |||||||||
Lease liability | 1,469,551 | — | 1,469,551 | |||||||||
Accrued legal | 159,849 | — | 159,849 | |||||||||
Disallowed interest expense | 1,268,226 | (325,137 | ) | 943,089 | ||||||||
Net operating loss carryforward | 19,493,530 | (1,802,740 | ) | 17,716,333 | ||||||||
Other | 20,659 | — | 20,659 | |||||||||
Deferred tax assets | 27,213,593 | (2,603,986 | ) | 24,609,607 | ||||||||
Valuation allowance | (14,916,923 | ) | — | (14,916,923 | ) | |||||||
Deferred Tax Liabilities: | ||||||||||||
Prepaid expenses | 207,980 | — | 207,980 | |||||||||
Revenue recognition | 3,966,404 | (2,625,299 | ) | 1,341,105 | ||||||||
Property and equipment | 156,794 | 21,313 | 178,107 | |||||||||
ROU asset | 1,391,029 | — | 1,391,029 | |||||||||
Deferred tax liabilities | $ | 5,722,207 | $ | (2,603,986 | ) | $ | 3,118,221 | |||||
Net deferred tax assets | $ | 6,574,463 | $ | — | $ | 6,574,463 |
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