SCHEDULE OF INCOME TAX PROVISION RATE |
SCHEDULE
OF INCOME TAX PROVISION RATE
|
The
income tax provision is summarized as follows:
SCHEDULE
OF INCOME TAX PROVISION RATE
| |
2024 | | |
2023 | |
Federal corporate income tax rate | |
| 21 | % | |
| 21 | % |
State corporate income tax rate | |
| 0 | % | |
| 0 | % |
Total corporate income tax rate | |
| 21 | % | |
| 21 | % |
|
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITY |
SCHEDULE
OF DEFERRED TAX ASSETS AND LIABILITY
|
SCHEDULE
OF DEFERRED TAX ASSETS AND LIABILITY
| |
Deferred Tax Assets/Liability | |
Income Tax | |
December 31, 2024 | | |
December 31, 2023 | |
| |
Book value | | |
Tax value | | |
Book value | | |
Tax value | |
Income (Loss) per Books | |
| | | |
| | | |
| | | |
| | |
M-1 Differences: | |
| (3,753,268 | ) | |
| (788,186 | ) | |
| (6,610,119 | ) | |
| (1,388,125 | ) |
Stock/options issued for services | |
| 5,561,500 | | |
| 1,167,915 | | |
| 7,272,000 | | |
| 1,527,120 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 193,498 | | |
| 40,635 | |
Tax income (loss) | |
| 1,808,232 | | |
| 379,729 | | |
| 855,379 | | |
| 179,630 | |
| |
| | | |
| | | |
| | | |
| | |
Prior Year NOL (excluding state tax) | |
| (7,965,471 | ) | |
| (1,672,749 | ) | |
| (8,820,850 | ) | |
| (1,852,378 | ) |
Cumulative NOL | |
| (6,157,239 | ) | |
| (1,293,020 | ) | |
| (7,965,471 | ) | |
| (1,672,749 | ) |
|
SCHEDULE OF INCOME TAX PROVISION |
SCHEDULE
OF INCOME TAX PROVISION
|
SCHEDULE OF INCOME TAX PROVISION
| |
December 31, 2024 | | |
December 31, 2023 | |
Net operating loss carryforwards | |
| 1,293,020 | | |
| 1,672,749 | |
Stock/options issued for services | |
| 1,167,915 | | |
| 1,527,120 | |
Depreciation and amortization | |
| - | | |
| 40,635 | |
Valuation allowance | |
| (2,460,935 | ) | |
| (3,240,503 | ) |
Total | |
| - | | |
| - | |
| |
| | | |
| | |
Tax at the statutory rate (21%) | |
| (788,186 | ) | |
| (1,388,125 | ) |
State tax benefit, net of federal tax effect | |
| - | | |
| - | |
Change in the valuation allowance. | |
| 788,186 | | |
| 1,388,125 | |
Total | |
| - | | |
| - | |
|