NOTE 10 - INCOME TAXES

12 Months Ended

Dec. 31, 2023

Notes

NOTE 10 - INCOME TAXES

NOTE 10 – INCOME TAXES

The provision for federal and state income taxes is associated with and included in net income from discontinued operations and consists of the following components:

	2023		2022
Current Income taxes
Federal	$	-	$	-
State		-		-
Total current income tax expenses	$	-	$	-
Deferred income taxes
Federal	$	-	$	-
State		-		-
Total current income tax expenses	$	-	$	-
Total income tax expense	$	-	$	-

The reconciliation between income taxes at the U.S. federal rate of 21% and the amount recorded in the accompanying consolidated financial statements is as follows:

	2023		2022
Tax expense at U.S. federal statutory rate	$	(248,083)	$	(548,492)
Tax expense at state statutory rate		(32,335)		(42,294)
Stock Based Compensation		133		183,632
Amortization of Debt Discount		91,455		160,446
Change in valuation allowance		188,613		246,709
Other		217		-
Total	$	-	$	-

We comply with GAAP, which requires the determination of deferred income taxes using an asset and liability approach, whereby deferred tax liabilities and assets are recognized for expected future tax consequences of temporary differences between carrying amounts and tax basis of asset and liabilities. Deferred balances are adjusted to reflect enacted changes in income tax rates. Due to the likelihood that the deferred assets will not be realized, a full valuation allowance has been recorded. Deferred tax assets are as follows:

	2023			2022
Federal net operating loss carryforward	$	268,214		$	207,058
State net operating loss carryforward		55,495			42,841
Fixed assets and intangibles		12,471			152
Accrued expenses		215,942			113,457
Total Deferred tax assets	$	552,122		$	363,509
Valuation allowance		(552,122	)		(363,509)
	$	-		$	-

At December 31, 2022 and December 31, 2021, the Company evaluated its tax positions and did not have any unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense.

The Company considers the U.S. and Florida to be major tax jurisdictions. As of December 31, 2022, for federal tax purposes the tax years  2020-2022 and for Florida the tax years 2019 through 2022 remain open to examination by tax authorities.

As of December 31, 2022 and 2021, the Company has net operating losses amounting to $1,125,576 and $464,636, respectively for federal and Florida which can be carried forward indefinitely but are limited to 80% usage.