SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of net operating loss carryforward and Deferred tax assets

	2024			2023
Net Operating Loss Carryforward, January 1	$	3,616,513		$	3,796,573
Taxable Income, January 1 to June 30		75,978			69,867
Net Operating Loss Carryforward, June 30	$	3,540,535		$	3,726,706
Federal Deferred Tax Asset, January 1		759,468			797,280
Federal Tax Expense as of June 30 (21% Tax Rate)		(15,955	)		(14,672	)
Federal Deferred Tax Asset, June 30	$	743,512		$	782,608
State of New Jersey Deferred Tax Asset, January 1		324,678			341,692
State of New Jersey Tax Expense as of June 30 (9% Tax Rate)		(6,838	)		(6,288	)
State of New Jersey Deferred Tax Asset, June 30	$	317,840		$	335,404
Total Deferred Tax Asset, June 30	$	1,061,352		$	1,188,012
Total Tax Expense	$	22,793			20,960

Schedule of reconciliation of Net Income (Loss)

	2024			2023
Net Income/(Loss) before Taxes	$	(161,802	)	$	23,315
Stock Awards		237,780			46,552
Taxable Net Income	$	75,978		$	69,867