Annual report pursuant to Section 13 and 15(d)

INCOME TAX (Tables)

v3.24.1
INCOME TAX (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
SCHEDULE OF DEFERRED TAX ASSETS

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

  

    2023     2022  
Deferred Tax Assets (Liabilities):                
Net operating losses   $ 20,816,000     $ 1,198,000  
Stock based compensation     3,035,000       148,000  
Interest expense     179,000       -  
Accounts receivable reserve     121,000       -  
Contributions carryover     285,000       -  
Research and development credits     839,000       -  
Intangibles     (8,358,000 )     -  
Inventory     (361,000 )     -  
Related party accrual     -       2,000  
Research and development costs     27,000       7,000  
Total deferred tax assets:     16,628,000       1,355,000  
Less valuation allowance     (16,182,000 )     (1,355,000 )
Net deferred tax assets (liability)   $ -     $ -  
SCHEDULE OF INCOME TAX PROVISION

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

  

      2023       2022  
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:

  

    2023     2022  
Book income (loss)   $ (12,984,984 )   $ 273,640  
Meals and entertainment     14,467       -  
Goodwill impairment     8,286,700       -  
Fair value share adjustment     60,313       -  
Opening balance sheet (acquisitions)     (10,977,84 )     -  
True up adjustment     310,513       -  
Other nondeductible expenses     17,835       206,397  
Valuation allowance     15,273,000       (480,037 )
Provision for income tax   $ -     $ -