Annual report pursuant to Section 13 and 15(d)

INCOME TAX (Tables)

v3.23.1
INCOME TAX (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
SCHEDULE OF DEFERRED TAX ASSETS

Net deferred tax assets consist of the following components as of December 31:

 

    2022     2021  
Deferred Tax Assets:                
Net operating losses   $ 1,198,000     $ 1,778,504  
Stock based compensation     148,000       -  
Related party accrual     2,000       56,533  
Research and development costs     7,000       -  
Total deferred tax assets:     1,355,000       1,835,037  
Less valuation allowance     (1,355,000 )     (1,835,037 )
Net deferred tax assets   $ -     $ -  
SCHEDULE OF INCOME TAX PROVISION

The income tax provision for the years ended December 31 are comprised of:

 

    2022     2021  
Current federal   $ -   $ -  
Current state     -     -  
Deferred federal     -       -  
Deferred state     -       -  
Provision for income tax   $ -     $ -  
SCHEDULE OF EFFECTIVE INCOME RATE RECONCILIATION

The income tax provision differs from the amount of income tax determined by applying the U.S. federal and effective state income tax rates to pretax income from operations for the years ended December 31, due to the following:

 

    2022     2020  
Book income (loss)   $ 273,640   $ (629,957 )
Other nondeductible expenses     206,397       59,953  
Valuation allowance     (480,037 )     570,004  
Provision for income tax   $ -     $ -