XML 33 R23.htm IDEA: XBRL DOCUMENT v3.22.1
Income Tax Provision
 3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
INCOME TAX PROVISION
Q.income tax Provision:

 

The Company computes its provision for income taxes by applying the estimated annual effective tax rate to pretax income and adjust the provision for discrete tax items recorded in the period.

 

The provision for income taxes as of and for the three months ended March 31, 2022 and 2021 consisted of the following:

 

   2022   2021 
Federal:        
Current  $
-
   $- 
Deferred   (131,800)   (56,126)
Total   (131,800)   (56,126)
           
State:          
Current   
-
    
-
 
Deferred   (45,255)   (20,400)
Total   (45,255)   (20,400)
Provision for income taxes  $(177,055)  $(76,526)

 

The Company has an income tax NOL carryforward related to continued operations as of March 31, 2022 and 2021 of approximately $174,400 and zero, respectively. As of March 31, 2022 and 2021, the carryforward is recorded as a deferred tax asset of $287,400 and $75,526, respectively. Such deferred tax assets can be carried forward indefinitely.