Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.3
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Schedule of Net Deferred Taxes The significant items comprising the Company’s net deferred taxes as of December 31, 2023 and 2022 are as follows:
    As of December 31,  
    2023     2022  
Net operating loss   $ 8,790,076     $ 8,541,890  
Stock options and compensation     2,440,539       2,358,690  
Deferred revenue     324,159       238,410  
Other     571,694      
-
 
Valuation allowance     (12,126,468 )     (11,138,990 )
Total deferred tax asset    
-
     
-
 
                 
Basis difference fixed assets    
-
     
-
 
Total deferred tax liability    
-
     
-
 
                 
Net deferred tax asset (liability)   $
-
    $
-
 

 

Schedule of (Benefit from) Income Taxes The components of the provision for (benefit from) income taxes consist of the following:
    As of December 31,  
    2023     2022  
Current tax:            
Federal   $
-
    $
-
 
State    
-
     
-
 
Total   $
-
    $
-
 
                 
Deferred tax:                
Federal   $ (915,543 )   $ (509,721 )
State     (71,935 )     (40,049 )
Less: change in valuation allowance     987,478       549,770  
     
-
     
-
 
Total   $
-
    $
-
 
Schedule of Provision for (Benefit from) Income Taxes Statutory Rate The provision for (benefit from) income taxes varies from the amount computed by applying the statutory rate for reasons summarized below:
    As of December 31, 2023     As of December 31, 2022  
Net loss before tax per financial statements   $ (3,981,144 )           $ (1,847,406 )        
                                 
Statutory rate     (836,040 )     21.00 %     (387,955 )     21.00 %
State tax rate     (65,689 )    

1.65 

%     (30,482 )     1.65 %
Permanent items     (85,749 )    

2.15 

%     (131,330 )     7.11 %
Rate change            

0.00 

%     -       0.00 %
Change in valuation allowance     987,478      

(24.80

)%     549,770       (29.73 )%
    $
-
      0.00 %   $ -       0.00 %