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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

SCHEDULE OF DEFERRED TAX ASSETS

The components of the deferred income tax assets and liabilities consisted of the following:

SCHEDULE OF DEFERRED TAX ASSETS

		As of December 31,
		2022				2021
Deferred tax assets
Net operating loss carry forwards		$	6,818,547			$	4,352,201
Inventory reserves			43,678				70,221
Bad debt and other reserves			92,286				561,944
Accrued expenses			-				35,579
Research and development expenses			707,076				-
Share-based compensation expense			232,250				-
Other temporary differences			26,102				1,134
Total deferred tax assets			7,919,939				5,021,079
Deferred tax liabilities
Depreciation and amortization			(5,919,626	)			(17,001	)
Accrued expenses			(26,903	)			-
Valuation allowance			(1,973,410	)			(5,004,078	)
Net deferred tax asset		$	-			$	-

SCHEDULE OF INCOME TAX EXPENSE (BENEFIT)

 SCHEDULE OF INCOME TAX EXPENSE (BENEFIT)

		For the Year Ended December 31,
		2022				2021
Expected federal income tax benefit		$	2,851,758			$	1,663,601
NOL carryover adjusted for expiration			46,936				(29,730	)
Equity method investment loss			(79,723	)			(129,555	)
Meals and entertainment			(4,843	)			(7,439	)
Share-based compensation			(249,516	)			120,924
Research and development expenses			(707,076	)			-
Other temporary differences			329,829				(46,683	)
Change in valuation allowance			3,657,431				(1,571,118	)
Income tax expense (benefit)		$	5,844,796			$	-

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- References

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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 https://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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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