Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Income Taxes [Abstract] |
|
| Schedule of the Components of Earnings Before Income Taxes |
The components of earnings before income taxes for the years ended
December 31, 2025 and 2024 were as follows:
| | |
Year Ended December 31, | |
| | |
2025 | | |
2024 | |
| Loss before income taxes | |
| | |
| |
| Domestic | |
$ | (3,280,300 | ) | |
$ | (6,131,500 | ) |
| Foreign | |
| – | | |
| – | |
| Total loss before income taxes | |
$ | (3,280,300 | ) | |
$ | (6,131,500 | ) |
|
| Schedule of Income Tax Provision (Benefit) |
Income tax provision (benefit) consists of the following for the years
ended December 31, 2025 and 2024:
| | |
| Year Ended December 31, | |
| Income tax provision (benefit) | |
| 2025 | | |
| 2024 | |
| Current | |
| | | |
| | |
| Federal | |
$ | – | | |
$ | – | |
| State | |
| – | | |
| – | |
| Foreign | |
| – | | |
| – | |
| Total current | |
| – | | |
| – | |
| Deferred | |
| | | |
| | |
| Federal | |
| – | | |
| – | |
| State | |
| – | | |
| – | |
| Foreign | |
| – | | |
| – | |
| Total deferred | |
| – | | |
| – | |
| | |
| | | |
| | |
| Total income tax provision (benefit) | |
$ | – | | |
$ | –
| |
|
| Schedule of Reconciliation of the Income Tax Provision (Benefit) |
A reconciliation of the income tax provision (benefit) by applying
the statutory United States federal income tax rate to income (loss) before income taxes is as follows:
| | |
Year Ended December 31, | |
| | |
2025 | | |
2024 | |
| | |
Amount | | |
% | | |
Amount | | |
% | |
| Rate Reconciliation | |
| | |
| | |
| | |
| |
| Expected tax at statutory rate | |
$ | (688,900 | ) | |
| 21.0 | % | |
$ | (1,287,600 | ) | |
| 21.0 | % |
| Permanent differences | |
| (76,000 | ) | |
| 2.3 | % | |
| 187,900 | | |
| -3.1 | % |
| State income tax, net of federal benefit | |
| (127,900 | ) | |
| 3.9 | % | |
| (184,600 | ) | |
| 3.0 | % |
| Current year change in valuation allowance | |
| (191,700 | ) | |
| 5.8 | % | |
| 945,500 | | |
| -15.4 | % |
| Prior year true-ups | |
| 1,084,500 | | |
| -33.1 | % | |
| 338,800 | | |
| -5.5 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Income tax provision (benefit) | |
$ | – | | |
| – | % | |
$ | – | | |
| – | % |
|
| Schedule of Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities are provided
for significant income and expense items recognized in different years for tax and financial reporting purposes. Temporary differences,
which give rise to a net deferred tax asset is as follows:
| | |
Year Ended December 31, | |
| | |
2025 | | |
2024 | |
| Deferred Tax Assets (Liabilities) Detail | |
| | |
| |
| Net operating loss deferred tax asset | |
$ | 9,805,800 | | |
$ | 10,185,600 | |
| Gain from disposal of assets and business units | |
| (474,200 | ) | |
| (474,200 | ) |
| Gain from change in fair value of derivative financial instruments | |
| (201,500 | ) | |
| (199,300 | ) |
| Gain from change in fair value of contingent acquisition consideration | |
| (151,700 | ) | |
| (151,700 | ) |
| Loss from change in fair value of debt | |
| 224,600 | | |
| 73,000 | |
| Right of use lease asset | |
| (256,600 | ) | |
| (326,500 | ) |
| Lease liability | |
| 257,500 | | |
| 327,600 | |
| Stock compensation | |
| 455,000 | | |
| 416,100 | |
| Deferred tax assets (liabilities) | |
| 9,568,900 | | |
| 9,850,600 | |
| Valuation allowance | |
| (9,568,900 | ) | |
| (9,850,600 | ) |
| Net deferred tax assets (liabilities) | |
$ | – | | |
$ | – | |
|