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FEDERAL AND STATE INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
FEDERAL AND STATE INCOME TAXES | NOTE 6 — FEDERAL AND STATE INCOME TAXES Income tax expense consisted of the following: Schedule of provision for income taxes
|  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |
State income tax: |  |  |  |  |
Current, net of refund |  | $ | 0 |  | $ | 0 |
Federal income tax: |  |  |  |  |  |  |
Deferred |  |  | 2,035,297 |  |  | 2,014,018 |
Current |  |  | — |  |  | — |
Write-off of deferred tax asset |  |  | (6,002,777 | ) |  | — |
Income tax benefit/(expense) |  | $ | (3,967,480 | ) | $ | 2,014,018 |
The reconciliation of income taxes shown in the financial statements and amounts computed by applying the Federal expected tax rate of 21% for year 2023 and 2022 is as follows: Schedule of reconciliation of income taxes
|  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |
Loss before taxes |  | $ | (9,773,582 | ) | $ | (10,675,160 | )
Income taxes computed at the federal statutory rate |  | $ | 2,052,452 |  | $ | 2,241,784 |
State income and franchise tax |  |  | — |  |  | — |
Permanent differences and other |  |  | (17,155 | ) |  | (227,766 | )
Write-off of deferred tax asset |  |  | (6,002,777 | ) |  | — |
Income tax benefit/(expense) |  | $ | (3,967,480 | ) | $ | 2,014,018 |
The significant components of deferred income tax assets, net are as follows: Schedule of components of deferred tax assets
|  | December 31, 2023 |  | December 31, 2022 |
Deferred compensation cost |  | $ | 1,047,608 |  | $ | 557,931 |
Depreciation and amortization |  |  | (913,671 | ) |  | (624,184 | )
R&D credit |  |  | 142,030 |  |  | 142,030 |
NOL |  |  | 3,566,630 |  |  | 2,956,685 |
Allowance for bad debts and other |  |  | 2,160,180 |  |  | 935,018 |
Allowance for non-realization of deferred tax asset |  |  | (6,002,777 | ) |  | — |
Deferred income tax assets, net |  | $ | — |  | $ | 3,967,480 |
Our U.S. federal and state income tax returns remain open to examination for the tax years 2020 through 2022.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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