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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

SCHEDULE OF INCOME TAX PROVISION CHARGES

The income tax provision charged to continuing operations for the years ended December 31, 2021 and 2020 was as follows:

SCHEDULE OF INCOME TAX PROVISION CHARGES

		2021				2020
		December 31,
		2021				2020
Current:
U.S. federal		$	-			$	152,100
State and local			7,700				40,400
Total			7,700				192,500
Deferred:
U.S. federal			-				(70,000	)
State and local			-				-
Total			-				(70,000	)
Provision for income taxes		$	7,700			$	122,500

SCHEDULE OF PROVISION DIFFERS FROM THE AMOUNT OF INCOME TAX

The provision for income taxes differs from the expected amount of income tax expense (benefit) determined by applying a combined U.S. federal and state (Puerto Rico) income tax rate of 25% to pretax income (loss) for the years ended December 31, 2021 and 2020 as follows:

 SCHEDULE OF PROVISION DIFFERS FROM THE AMOUNT OF INCOME TAX

		2021				2020
		December 31,
		2021				2020
Computed “expected” tax expense (benefit)		$	(12,684,000	)		$	(12,684,000	)
Increase (decrease) in income taxes resulting from:
State taxes			(618,000	)			-
Permanent differences			(52,000	)			7,765,000
Apportionment of Puerto Rico income			76,000				3,607,000
Nondeductible expenses			-				140,000
Change in valuation allowance			13,192,000				1,269,000
Other			93,700				25,500
Provision for income taxes		$	7,700			$	122,500

SCHEDULE OF NET DEFERRED TAX LIABILITIES

Net deferred tax liabilities consist of the following components as of December 31, 2021 and 2020:

 SCHEDULE OF NET DEFERRED TAX LIABILITIES

		2021				2020
		December 31,
		2021				2020
Deferred tax liability:
Other		$	-			$	-
			-				-
Deferred tax assets:
Stock-based compensation			6,899,000				716,000
Temporary differences			1,201,000				113,000
Net operating loss carryforwards			15,673,000				2,151,000
Total			23,773,000				2,980,000
Less valuation allowance			(23,773,000	)			(2,980,000	)
Total		$	-			$	-

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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