Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 6. Income Taxes

There was no income tax benefit for the net losses for the three months ended September 30, 2023 and the nine months ended September 30, 2023 and 2022 because our Company determined that the realization of the net deferred tax asset was not assured. Our Company created a valuation allowance for the entire amount of such benefits. However, the income tax benefit reflected on the Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 is the result of reversing the tax accruals. There is no provision for income taxes for the three months ended September 30, 2023 due to the availability of net operating loss carryforwards.

The components for federal and state income tax expense are:

	Three Months ended September 30					Nine Months ended September 30
	2023			2022		2023			2022
Current federal taxes	$	(154,500	)	$	—	$	(122,700	)	$	—
Current state taxes		(6,100	)		—		—			—
	$	(160,600	)	$	—	$	(122,700	)	$	—

There was no change in unrecognized tax benefits during the period ended September 30, 2023 and there was no accrual for uncertain tax positions as of September 30, 2023. Tax years from 2020 through 2022 remain subject to examination by U.S. federal and state jurisdictions. There is no Federal net operating loss carryforward and $1,657,892 of Pennsylvania State net operating loss carryforward as of September 30, 2023.