v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Schedule of Net Deferred Taxes

The significant components of net deferred taxes as of December 31, 2024, and 2023 are shown in the following table:

 

2024

 

2023

Deferred tax assets:

 

 

 

 

 

 

 

 

Net benefit from tax loss carryforwards

 

$

5,536,408

 

 

$

5,000,743

 

Deferred revenues

 

 

 

 

 

264,997

 

Valuation allowance

 

 

(5,536,408

)

 

 

(5,265,740

)

Net deferred taxes

 

$

 

 

$

 

Schedule of Income Tax Provision The following table shows the income taxes in 2024, 2023 and 2022:
 

2024

 

2023

 

2022

Current tax

 

$

 

 

$

 

 

$

 

Deferred income tax (benefit)

 

 

(270,668

)

 

 

(1,515,501

)

 

 

(1,004,681

)

   

 

(270,668

)

 

 

(1,515,501

)

 

 

(1,004,681

)

Change in valuation allowance

 

 

270,668

 

 

 

1,515,501

 

 

 

1,004,681

 

Total income tax expense

 

$

 

 

$

 

 

$

 

Schedule of Effective Reconciliation of the Federal Income Tax Rate The following table shows the reconciliation between expected and effective tax rate:
 

2024

 

2023

 

2022

Statutory tax rate

 

10.6

%

 

10.6

%

 

10.6

%

Effect of temporary differences

 

3.1

%

 

1.9

%

 

(4.8

)%

Change in valuation allowance on deferred tax assets

 

(13.7

)%

 

(12.5

)%

 

(5.8

)%

Effective tax rate

 

%

 

%

 

%