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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Schedule of Components of Loss Before Income Tax Benefit | The components of loss before income tax benefit are as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Domestic Operations |  | $ | (498,673 | ) |  | $ | (2,683,143 | )
Foreign Operations |  |  | (588,914 | ) |  |  | (900,772 | )
|  | $ | (1,087,587 | ) |  | $ | (3,583,915 | )
Schedule of Company’s Benefit for Income Taxes | The Company’s benefit for income taxes is comprised of the following:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Current |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |
State and local |  |  | 6,579 |  |  |  | 15,685 |
Foreign |  |  | 76,031 |  |  |  | - |
Total Current |  |  | 82,610 |  |  |  | 15,685 |
Deferred |  |  |  |  |  |  |  |
Federal |  |  | - |  |  |  | - |
State and local |  |  | - |  |  |  | - |
Foreign |  |  | (102,862 | ) |  |  | (187,350 | )
Change in Valuation Allowance |  |  | - |  |  |  | - |
Total Deferred |  |  | (102,862 | ) |  |  | (187,350 | )
Total Benefit |  | $ | (20,252 | ) |  | $ | (171,665 | )
Schedule of Company’s Effective Tax Rate Differs from the U.S. Federal Statutory Income Tax Rate | The Company’s effective tax rate differs from the U.S. federal statutory income tax rate of 213% for 2023 and 2022 as follows:
|  | 2023 |  |  | 2022 |
Income tax benefit at federal statutory rate |  |  | 21.0 | % |  |  | 21.0 | %
Permanent Differences |  |  | - | % |  |  | - | %
State and local taxes |  |  | (1.8 | )% |  |  | (0.7 | )%
Valuation allowance |  |  | (10.5 | )% |  |  | (7.6 | )%
Deferred tax adjustment |  |  | (1.9 | )% |  |  | - | %
Share based compensation |  |  | (6.4 | )% |  |  | (7.8 | )%
Foreign Income Tax Rate Differential |  |  | 1.1 | % |  |  | 0.5 | %
Other |  |  | 0.5 | % |  |  | (0.6 | )%
Effective tax rate |  |  | 2.0 | % |  |  | 4.8 | %
Schedule of Significant Components of the Company’s Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred Tax Assets: |  |  |  |  |  |
U.S. federal and state net operating losses |  | $ | 2,939,449 |  |  | $ | 3,436,822 |
Foreign net operating losses |  |  | - |  |  |  | 103,375 |
Share-based compensation |  |  | 480,773 |  |  |  | 511,603 |
Amortization of intangible assets |  |  | 429,651 |  |  |  | 583,727 |
Rent |  |  | 17,291 |  |  |  | 36,413 |
Capitalized IRC §174 costs |  |  | 1,972,960 |  |  |  | 1,134,472 |
Tax credits |  |  | 62,969 |  |  |  | 62,969 |
Other |  |  | 285,245 |  |  |  | 257,473 |
Subtotal |  |  | 6,188,338 |  |  |  | 6,126,854 |
Less Valuation Allowance: |  |  | (6,099,163 | ) |  |  | (5,984,591 | )
Total Deferred Tax Assets |  |  | 89,175 |  |  |  | 142,263 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Amortization of intangible assets |  |  | (615,452 | ) |  |  | (820,279 | )
Property and equipment |  |  | (12,850 | ) |  |  | (31,262 | )
Other |  |  | (74,914 | ) |  |  | (7,625 | )
Total Deferred Tax Liabilities |  |  | (703,216 | ) |  |  | (859,166 | )
Net Deferred Tax Liability |  | $ | (614,041 | ) |  | $ | (716,903 | )

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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