v3.25.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Benefits

Components of income tax expense /benefit for the year ended December 31, 2024 and December 31, 2023 are as follows:

 

   2024   2023 
Current Income Tax Expense (Benefit) - Federal   -    - 
Current Income Tax Expense (Benefit) - State   -    - 
Total Current Income Tax Expense (Refund)   -    - 
           
Deferred Income Tax Expense (Benefit) - Federal   -    - 
Deferred Income Tax Expense (Benefit) - State   -    - 
Total Deferred Income Tax Expense (Benefit)   -    - 
           
Total Provision for Income Taxes   -    - 

Schedule of Deferred Tax Assets and Liabilities

The tax effects of cumulative temporary differences which give rise to the significant portions of deferred tax assets or liabilities at December 31, 2024 and 2023 are as follows:

 

  2024   2023 
Deferred Tax Assets:  2024   2023 
Reserves & Allowances   61,864    108,584 
Accrued Payroll Expenses   -    - 
Other Accrued Expenses   671,345    - 
Straight-Line Rent Accrual   -    - 
Interest Expense   -    - 
Carryforward of Sec. 179   -    - 
Charitable Contribution Carryforward   2,895    2,895 
Unrealized Gains/Losses on FX Exchange   -    - 
Net operating loss carryforward - Federal   12,529,285    9,524,275 
Net operating loss carryforward - State   2,807,579    2,194,071 
Tax Credits   -    - 
Non Qualified Stock Options   435,808    430,577 
Amortization   167,756    2,014,677 
Total deferred tax assets   16,676,532    14,275,079 
           
Deferred Tax Liabilities:          
Depreciation   (133,353)   (2,813)
Amortization   -    - 
    -    - 
Net deferred tax liability   (133,353)   (2,813)
           
Less Valuation Allowance   (16,543,179)   (14,272,266)
Total Net Deferred Tax Assets   -    - 

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the computed effective tax rate to the U.S. federal statutory rate is as follows:

 

   2024   2023 
Federal statutory income tax   21.00%   21.00%
Permanent Differences   0.00%   0.00%
Change in Tax Credits   0.00%   0.00%
Change in Tax Rate   0.00%   0.00%
Change in Valuation Allowance   -24.72%   -23.23%
State income taxes, net of federal benefit   3.72%   3.72%
Prior Year Adjustments   0.00%   -1.49%
Total   0.00%   0.00%