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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Schedule of Expense or (Benefit) for Income Taxes | The income tax (benefit)/expense attributable to loss consisted of the following, for the year ended December 31,:
|  | 2024 |  |  | 2023 |
Current provision for income taxes: |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | (176,000 | )
State |  |  | - |  |  |  | - |
Total current income tax |  |  | - |  |  |  | (176,000 | )
Deferred tax expense: |  |  |  |  |  |  |  |
Federal |  |  | - |  |  |  | - |
State |  |  | - |  |  |  | - |
Total deferred tax |  |  | - |  |  |  | - |
Total income tax |  | $ | - |  |  | $ | (176,000 | )
Schedule of Statutory Federal Income Tax Rate to Actual Expense Based on Loss Before Income Taxes | A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:
|  | 2024 |  |  | 2023 |
Taxes calculated at federal rate |  |  | 21.0 | % |  |  | 21.0 | %
Permanent differences |  |  | (0.5 | ) |  |  | - |
State tax, net of federal impact |  |  | 3.9 |  |  |  | 3.2 |
Return to provision |  |  | - |  |  |  | (0.7 | )
Other |  |  | (2.9 | ) |  |  | - |
Change in valuation allowance |  |  | (21.5 | ) |  |  | (23.0 | )
Provision for income taxes |  |  | 0.0 | % |  |  | 0.5 | %
Shedule of Deferred Income Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets at December 31, are presented below:
|  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 9,436,000 |  |  | $ | 10,002,000 |
Stock based compensation |  |  | 4,203,000 |  |  |  | 4,019,000 |
Accrued Expenses |  |  | 252,000 |  |  |  | 208,000 |
Mining equipment |  |  | 1,825,000 |  |  |  | 251,000 |
Digital asset Impairment |  |  | 335,000 |  |  |  | 842,000 |
Total deferred tax assets |  |  | 16,051,000 |  |  |  | 15,322,000 |
Deferred tax liability |  |  |  |  |  |  |  |
Mining equipment |  |  | - |  |  |  |  |
Change in FV of Derivative |  |  | - |  |  |  | (3,546,000 | )
Total deferred tax liability |  |  | - |  |  |  | (3,546,000 | )
Net deferred tax assets |  |  | 16,051,000 |  |  |  | 11,776,000 |
Valuation allowance |  |  | (16,051,000 | ) |  |  | (11,776,000 | )
Net deferred tax |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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