Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
INCOME TAXES  
Components of the income tax provisions

 

 

2024

 

 

2023

 

Current provision:

 

 

 

 

 

 

Federal

 

$ -

 

 

$ -

 

State

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Schedule of different tax rate

 

 

2024

 

 

2023

 

Provision at statutory rate

 

 

21.00 %

 

 

21.00 %

State taxes, net of federal benefit

 

 

5.36 %

 

 

5.89 %

Other

 

 

0.00 %

 

 

(0.81 )%

Interest addback

 

 

(4.22 )%

 

 

(2.28 )%

Nondeductible and other items

 

 

(0.66 )%

 

 

(0.20 )%

Change in valuation allowance

 

 

(21.48 )%

 

 

(23.60 )%

Total

 

 

(0.00 )%

 

 

(0.00 )%
Schedule of deferred taxes

 

 

2024

 

 

2023

 

Deferred tax assets:

 

 

 

 

 

 

Allowance for doubtful debt

 

$ -

 

 

$ -

 

Stock options issued for services

 

 

2,406,972

 

 

 

2,077,903

 

Net operating loss carryforward

 

 

8,249,727

 

 

 

7,969,941

 

Section 174 capitalization

 

 

447,440

 

 

 

510,302

 

Accrual to cash

 

 

1,112,574

 

 

 

684,411

 

Other

 

 

170,030

 

 

 

185,316

 

Total deferred tax assets

 

 

12,386,743

 

 

 

11,427,873

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Royalty obligation

 

 

(38,226 )

 

 

(172,730 )

Right to use assets

 

 

(1,123 )

 

 

(27,222 )

Total deferred tax liabilities

 

 

(39,349 )

 

 

(199,952 )

Deferred tax net

 

 

12,347,394

 

 

 

11,227,921

 

Valuation allowance

 

 

(12,347,394 )

 

 

(11,227,921 )

Net deferred tax assets

 

 

-

 

 

 

-