Income Tax

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Tax

Note 14 – Income Tax

The Company accounts for income taxes under FASB ASC 740-10, which requires use of the liability method. FASB ASC 740-10-25 provided that deferred tax assets and liabilities, are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences.

For the six months ended June 30, 2022 and the year ended December 31, 2021, the Company incurred a net operating loss and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. At June 30, 2022 and December 31, 2021, the Company had approximately $364,674 and $ $2,683,947 of federal net operating losses, respectively. The net operating loss carry forwards, if not utilized, will begin to expire in 2031.

The components of the Company’s deferred tax asset are as follows:

	June 30, 2022
Deferred tax assets:
Net operating loss carry forward as of 12/31/2021		12,817,540
Estimate Tax Loss June 30, 2022		364,674
Add back shares for services		(457,800	)
NOL Carry Forward Cumulative as of 6/30/2022		12,724,414
Statutory Tax Rate		21	%
Deferred Tax Asset		2,672,127
Valuation		(2,672,127	)
Net Deferred Tax Asset		0

Based on the available objective evidence, including the Company’s history of losses, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at June 30, 2022 and December 31, 2021, respectively.