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INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 11—INCOME TAXES

 

As of December 31, 2024 and 2023, the Company had net operating loss carry forwards of $4,615,303 and $1,572,261, respectively, that may be available to reduce future years’ taxable income in varying amounts through 2042. As of December 31, 2024, the Company has a net deferred tax asset of $1,131,379. The Company had no amounts recorded for uncertain tax positions, interest or penalties in the accompanying financial statements. The Company regularly assesses its tax positions and adjusts amounts recorded as necessary to ensure compliance with applicable tax laws and regulations.

 

Deferred income tax assets and liabilities at December 31, 2024 and 2023, consisted of the following temporary differences and carry-forward items:

 

   December 31, 2024   December 31, 2023  
Deferred tax assets          
Deductible temporary differences, net  $974,718   $62,000 
Loss carryforwards   4,615,303    1,572,261 
Expected tax rate   24.6%   25.7%
Total deferred tax assets   1,374,838    419,188 
           
Deferred tax liabilities          
Deductible temporary differences, net   989,890    232,958 
Expected tax rate   24.6%   25.7%
Total deferred tax liabilities   

243,459

    59,754 
           
Deferred tax valuation allowance   (1,131,379)   (359,434)
Net deferred tax asset  $-   $--

 

The components for the income tax expense:

 

 

   December 31, 2024   December 31, 2023  
Taxable income          
Financial statement pretax loss  $(3,239,916)  $(1,617,461)
Non-deductible expenses   8,978    713,812 
Total taxable income   (3,230,938)   (903,649)
           
Decrease (increase) in taxable temporary differences   (756,932)   93,552 
Increase in deductible temporary differences   912,718    58,300 
Federal taxable loss  $(3,075,152)  $(751,797)