XML 69 R29.htm IDEA: XBRL DOCUMENT v3.24.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences and tax loss and credit carry forwards that give rise to significant portions of deferred tax assets and liabilities at December 31, 2023 and 2022 are comprised of the following:

 

   2023   2022 
   As of December 31, 
   2023   2022 
Deferred tax assets:          
Federal net-operating loss carryforward  $3,488,995   $2,776,943 
State net-operating loss carryforward   592,038    360,818 
Other (non-qualified stock options)   15,997    225,794 
Total deferred tax assets   4,097,030    3,363,555 
Deferred tax liabilities:          
Unrealized gains on crypto assets   715,899    - 
Total deferred tax liabilities   715,899    - 
Valuation allowance   (3,381,131)   (3,363,555)
Deferred tax assets, net  $-   $- 
Schedule of Income Tax Rate

The expected tax expense (benefit) based on the U.S. federal statutory rate is reconciled with actual tax expense (benefit) as follows:

 

   2023   2022 
   For the years ended December 31, 
   2023   2022 
Statutory Federal Income Tax Rate   (21.0)%   (21.0)%
State Taxes, Net of Federal Tax Benefit   (6.48)%   (6.72)%
Federal tax rate change   0.0%   0.0%
Other   27.48%   27.72%
Change in Valuation Allowance   (0.0)%   (0.0)%
Income Taxes Provision (Benefit)   -%   -%