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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
INCOME TAXES  
Schedule of Income tax expense benefit

 

 

Years Ended December 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Income tax provision (benefit) at statutory rate

 

$281,000

 

 

$(3,739,900)

State income taxes, net of federal benefit

 

 

(200)

 

 

(200)

Non-deductible expenses

 

 

1,007,400

 

 

 

5,467,600

 

Non-taxable gains

 

 

(1,483,900)

 

 

(2,636,900)

Other

 

 

600

 

 

 

1,100

 

Valuation allowance

 

 

195,100

 

 

 

908,300

 

 

 

 

 

 

 

 

 

 

 

 

$-

 

 

$-

 

Schedule of Deferred tax assets

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforward

 

$4,901,900

 

 

$4,709,300

 

Research and development credit carryforward

 

 

125,300

 

 

 

125,300

 

Related party accrued expenses

 

 

11,600

 

 

 

8,700

 

Accrued compensated absences

 

 

600

 

 

 

1,100

 

 

 

 

 

 

 

 

 

 

Valuation allowance

 

 

(5,039,400)

 

 

(4,844,400)

 

 

 

 

 

 

 

 

 

 

 

$-

 

 

$-