Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

INCOME TAXES

NOTE 9 – INCOME TAXES

The Company maintains deferred tax assets and liabilities that reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The deferred tax assets on December 31, 2023 and 2022 consist of net operating loss carry-forwards. The net deferred tax asset has been fully offset by a valuation allowance because of the uncertainty of the attainment of future taxable income. As of December 31, 2023 and 2022, the Company had not recorded a liability for any unrecognized tax positions.

The items accounting for the difference between income taxes at the effective statutory rate and the provision for income taxes for the years ended December 31, 2023 and 2022 was as follows:

	Year Ended			Year Ended
	December 31, 2023			December 31, 2022
Income tax benefit at U.S. statutory rate	$	(777,143	)	$	(820,796	)
Income tax benefit – state		(240,544	)		(254,056	)
Permanent differences		29,510			133,994
Change in valuation allowance		988,177			940,858
Total provision for income tax	$	-		$	-

The Company’s approximate net deferred tax asset as of December 31, 2023 and 2022 was as follows:

	December 31, 2023			December 31, 2022
Deferred Tax Asset:
Net operating loss carryforward	$	2,538,565		$	1,550,388
Total deferred tax asset before valuation allowance		2,538,565			1,550,388
Valuation allowance		(2,538,565	)		(1,550,388	)
Net deferred tax asset	$	-		$	-

The net operating loss carryforward was approximately $9,231,000 on December 31, 2023. Future utilization of the net operating loss carryforward to offset future taxable income is subject to an annual limitation as a result of ownership changes that may occur in the future. The net operating loss carry forwards may be available to reduce future years’ taxable income. Net loss carryforwards in the amount of $9,231,000 from 2018 onwards can be carried over indefinitely, subject to annual usage limits. Management believes that it appears more likely than not that the Company will not realize these tax benefits due to the Company’s continuing losses for income taxes purposes. Accordingly, the Company has provided a 100% valuation allowance on the deferred tax asset benefit related to the U.S. net operating loss carry forwards to reduce the asset to zero. Management will review this valuation allowance periodically and will make adjustments as necessary. In 2023, the valuation allowance increased by $988,177.