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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

SCHEDULE OF INCOME TAX PROVISION CHARGES

The income tax provision charged to continuing operations for the years ended December 31, 2024 and 2023 was as follows:

SCHEDULE OF INCOME TAX PROVISION CHARGES  

		December 31,
		2024				2023
Current:
U.S. federal		$	144,000			$	-
State and local			196,000				111,000
Foreign			62,000				317,000
Total			402,000				428,000
Deferred:
U.S. federal			-				-
State and local			-				-
Foreign			-				-
Total			-				-
Provision for income taxes		$	402,000			$	428,000

SCHEDULE OF PROVISION DIFFERS FROM THE AMOUNT OF INCOME TAX

The provision for income taxes differs from the expected amount of income tax benefit determined by applying the U.S. federal income tax rate of 21% to pretax income (loss) for the years ended December 31, 2024 and 2023 as follows:

 SCHEDULE OF PROVISION DIFFERS FROM THE AMOUNT OF INCOME TAX  

		December 31,
		2024				2023
Computed “expected” tax benefit		$	(3,848,000	)		$	(1,951,000	)
Increase (decrease) in income taxes resulting from:
State taxes			(397,000	)			(440,000	)
Permanent differences			56,000				71,000
Apportionment of Puerto Rico income			(13,000	)			(133,000	)
Nondeductible expenses			-				-
GILTI, net of 250 deduction			69,000				1,855,000
Dividends received deduction			-				(1,224,000	)
Change in valuation allowance			4,846,000				5,361,000
Rate differential			(108,000	)			(2,125,000	)
Deferred true up			(358,000	)			(515,000	)
Other			155,000				(471,000	)
Provision for income taxes		$	402,000			$	428,000

SCHEDULE OF NET DEFERRED TAX LIABILITIES

Net deferred tax liabilities consist of the following components as of December 31, 2024 and 2023:

 SCHEDULE OF NET DEFERRED TAX LIABILITIES  

		2024				2023
		December 31,
		2024				2023
Deferred tax assets:
Stock-based compensation			17,981,000				15,100,000
Sec 174 – software development			915,000				298,000
Accrued compensation			976,000				521,000
Operating lease liabilities			1,569,000				145,000
Business interest limitation			1,324,000				1,044,000
Other			1,026,000				957,000
Net operating loss carryforwards			23,634,000				23,057,000
Total Deferred tax assets			47,425,000				41,122,000
Deferred tax liabilities:
Right of use assets			(1,478,000	)			(125,000	)
Depreciation			(181,000	)			(77,000	)
Total deferred tax liabilities			(1,659,000	)			(202,000	)
Less valuation allowance			(45,766,000	)			(40,920,000	)
Deferred tax assets, Net		$	-			$	-

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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
-Section 50
-Paragraph 9
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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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-Section 50
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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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