The
Company’s income tax provision differs from the expense that would result from applying statutory rates to income (loss) before
taxes. A reconciliation of the provision (benefit) for income taxes with amounts determined by applying the statutory U.S. federal income
tax rate to income before income taxes is as follows (unaudited):
SCHEDULE OF INCOME BEFORE INCOME TAXES
| | |
Amount | | |
Tax Rate | | |
Amount | | |
Tax Rate | |
| | |
Six Months Ended June 30, | |
| | |
2025 | | |
2024 | |
| | |
Amount | | |
Tax Rate | | |
Amount | | |
Tax Rate | |
| Computed tax at the federal statutory rate of 21% | |
$ | 534,720 | | |
| 21.00 | % | |
$ | (127,240 | ) | |
| 21.00 | % |
| State income taxes, net of federal income tax benefit | |
| 36,900 | | |
| 4.35 | % | |
| (26,327 | ) | |
| 4.35 | % |
| Change in federal valuation allowance | |
| (215,245 | ) | |
| (11.35 | )% | |
| 170,406 | | |
| (28.73 | )% |
| Permanent difference - relief of indebtedness income | |
| (356,375 | ) | |
| (14.00 | )% | |
| | | |
| | |
| Foreign rate differential | |
| - | | |
| 0.00 | % | |
| (16,839 | ) | |
| 3.38 | % |
| Total provision for income tax | |
$ | - | | |
| 0.00 | % | |
$ | - | | |
| 0.00 | % |
| | |
Amount | | |
Tax Rate | | |
Amount | | |
Tax Rate | |
| | |
Three Months Ended June 30, | |
| | |
2025 | | |
2024 | |
| | |
Amount | | |
Tax Rate | | |
Amount | | |
Tax Rate | |
| Computed tax at the federal statutory rate of 21% | |
$ | 578,235 | | |
| 21.00 | % | |
$ | (63,551 | ) | |
| 21.00 | % |
| State income taxes, net of federal income tax benefit | |
| 45,904 | | |
| 4.35 | % | |
| (13,149 | ) | |
| 4.35 | % |
| Change in federal valuation allowance | |
| (267,764 | ) | |
| (9.72 | )% | |
| 85,242 | | |
| (28.80 | )% |
| Permanent difference - relief of indebtedness income | |
| (356,375 | ) | |
| (12.94 | )% | |
| - | | |
| 0.00 | % |
| Foreign rate differential | |
| - | | |
| 0.00 | % | |
| (8,542 | ) | |
| 3.45 | % |
| Total provision for income tax | |
$ | - | | |
| 0.00 | % | |
$ | - | | |
| 0.00 | % |
|