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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

SCHEDULE OF INCOME TAX PROVISION CHARGES

The income tax provision charged to continuing operations for the years ended December 31, 2023 and 2022 was as follows:

SCHEDULE OF INCOME TAX PROVISION CHARGES 

		December 31,
		2023				2022
Current:
U.S. federal		$	-			$	-
State and local			111,000				6,700
Foreign			317,000				-
Total			428,000				6,700
Deferred:
U.S. federal			1,470,000				1,719,000
State and local			(1,470,000	)			(1,365,000	)
Foreign			-				-
Total			-				354,000
Provision for income taxes		$	428,000			$	360,700

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, 2023 and 2022 as follows:

 SCHEDULE OF PROVISION DIFFERS FROM THE AMOUNT OF INCOME TAX 

		December 31,
			2023				2022
Computed “expected” tax expense (benefit)		$	(1,951,000	)		$	(9,474,000	)
Increase (decrease) in income taxes resulting from:
State taxes			(440,000	)			(714,000	)
Permanent differences			71,000				730,000
Apportionment of Puerto Rico income			(133,000	)			(108,000	)
Nondeductible expenses			-				-
GILTI, net of 250 deduction			1,855,000				-
Dividends received deduction			(1,224,000	)			-
Change in valuation allowance			4,327,000				9,973,000
Rate differential			(2,125,000	)			-
Other			48,000				(46,300	)
Provision for income taxes		$	428,000			$	360,700

SCHEDULE OF NET DEFERRED TAX LIABILITIES

Net deferred tax liabilities consist of the following components as of December 31, 2023 and 2022:

 SCHEDULE OF NET DEFERRED TAX LIABILITIES 

		2023				2022
		December 31,
		2023				2022
Deferred tax liability:
Other		$	-			$	-
Deferred tax liability, Total			-				-
Deferred tax assets:
Stock-based compensation			15,100,000				11,646,000
Sec 174 – software development			298,000				142,000
Temporary differences			2,465,000				2,389,000
Net operating loss carryforwards			23,057,000				21,382,000
Deferred tax assets, Gross			40,920,000				35,559,000
Less valuation allowance			(40,920,000	)			(35,559,000	)
Deferred tax assets, Net		$	-			$	-

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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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.

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-SubTopic 10
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-Paragraph 2
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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.

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