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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense attributable to pretax loss from continuing operations differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pretax loss from continuing operations as a result of the following:

						For the Years ended December 31,
						2023									2022
Computed “expected” tax benefit						(3,074,000)			21.00		%				(2,722,000)			21.00		%
Increase (reduction) in income taxes resulting from):
State tax, net of federal benefit						—			—		%				(1,024,900)			7.95		%
Permanent items						(80,500)			0.55		%				—			—		%
Stock-based compensation						221,200			(1.51)		%
Research and development credits						(241,800)			1.65		%				(224,100)			1.70		%
Other						130,600			(0.89)		%				(2,000)			—		%
Change in valuation allowance						3,044,500			(20.80)		%				3,973,000			(30.65)		%
Total						—			—		%				—			—		%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below as of December 31:

						2023						2022
Deferred tax assets (liabilities):
Net operating loss carryforwards						$	5,799,000					$	4,115,800
Research and development credits						619,000						377,200
Stock based compensation						647,000						349,900
Sec. 174						2,027,200						1,032,700
Other						—						172,100
Total deferred tax assets						9,092,200						6,047,700
Valuation Allowance						(9,092,200)						(6,047,700)
Net Deferred Tax Assets						—						—

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
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