Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 8. Income Taxes

At March 31, 2024, there was no income tax benefit for the net losses for the three months ended March 31, 2024 due to the recording of a full valuation allowance since it is more likely than not that that the realization of the net deferred tax assets would not be realized. At March 31, 2023 our Company had federal and state taxable income of approximately $38,400 and $40,800, respectively. State income taxes in the three months ended March 31, 2023 resulted from limitations placed on income tax net operating loss deductions by the Commonwealth of Pennsylvania.

The components for federal and state income tax expense are:

	Three Months ended March 31
	2024		2023
Current federal taxes	$	—	$	8,100
Current state taxes		—		2,400
	$	—	$	10,500

There was no change in unrecognized tax benefits during the period ended March 31, 2024 and there was no accrual for uncertain tax positions as of March 31, 2024. Tax years from 2021 through 2023 remain subject to examination by U.S. federal and state jurisdictions. The Federal net operating loss carryforward is $331,471 and the Pennsylvania State net operating loss carryforward is currently $1,911,568 as of March 31, 2024.