Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of components of the income taxes
               
    2023     2022  
Current                
State and local   $ —     $ —  
Federal     11,000       —  
Total Current Tax Expense (Benefit)   $ 11,000     $ —  
                 
Deferred                
State and local     (39,000 )     56,000  
Federal     (360,000 )     551,000  
Total Deferred Tax Expense     (399,000 )     607,000  
                 
Total Income Taxes   $ (388,000 )   $ 607,000  
Schedule of components of deferred tax assets and liability
               
    2023     2022  
Deferred tax assets (liability):                
Net operating loss carryforward   $ 804,000     $ 477,000  
Capital loss carryforward     47,000       331,000  
Stock options and RSU     27,000       30,000  
Tax credit carryforward     148,000               —      
Other     182,000               —      
Total deferred tax assets     1,208,000       838,000  
Valuation allowance     (1,208,000 )     (838,000 )
                 
Deferred tax assets, net of valuation allowance   $ —     $ —  

 

 

    2023     2022  
                 
Deferred Tax Liability(1)     (762,000 )     (1,161,000 )
Total deferred tax liability   $ (762,000 )   $ (1,161,000 )
Schedule of reconciliation of income tax
               
    Years Ended
    December 31,
    2023   2022
         
Income tax - statutory rate     21.00 %     21.00 %
Permanent differences     (0.19) %     (8.4) %
Change in valuation allowance     (1.98) %     (48.79) %
State     2.46 %     1.28 %
Other     —     (0.43) %
  Total     21.29 %     (35.34) %