Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

SChedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) for the years ended December 31, 2023 and 2022 was as follows:

	December 31,
	2023		2022
Current
Federal	$	-	$	-
State and local		2,033		7,626
Total current	$	2,033	$	7,626
Deferred
Federal		-		666,616
State and local		-		-
Total deferred	$	-	$	666,616
Total income tax expense (benefit)	$	2,033	$	674,292

Schedule of Statutory Federal Income Tax Rate

The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the year ended December 31, 2023 and 2022:

	December 31, 2023			December 31, 2022
U.S. statutory federal income tax rate		21.0	%		21.0	%
Stock compensation		(4.06	)%		(6.46	)%
Convertible debt		(3.12	)%		(3.02	)%
Other permanent differences		(0.01	)%		(0.02	)%
Change in valuation allowance		(12.2	)%		(15.10	)%
Impairment of Goodwill and long-term assets		(1.61	)%		-
State taxes		(0.02	)%		(0.06	)%
Painscript transaction		-			1.28	%
Other		-			(4.32	)%
Income tax (expense) benefit for the period		(0.02	)%		(6.70	)%

Schedule of Deferred Tax Assets and Liabilities

Significant components of U.S. federal and state deferred tax assets and liabilities as of December 31, 2023 and 2022 are as follows:

	December 31,
	2023			2022
Deferred tax assets
Federal net operating loss carryforwards	$	1,571,322		$	1,393,319
State net operating loss carryforwards		360,931			198,703
Lease Liability		61,446			91,510
Bad debt		1,766			-
Unrealized gains / (loss)		-			53,151
Accrued expenses		311,419			54,941
Charitable contribution carryover		8,264			6,826
NQSOs		673,988			59,113
Total gross deferred tax assets		2,989,136			1,857,563
Deferred tax liabilities
Property, plant and equipment	$	(9,700	)	$	(7,172	)
Right of use Asset		58,625			88,758
Total gross deferred tax liabilities		48,925			81,586
Gross deferred tax asset (liabilities)		2,940,211			1,775,977
Valuation allowance		(2,940,211	)		(1,775,977	)
Net deferred tax asset (liabilities)	$	0		$	-