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NOTE 14 – PROVISION FOR INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
NOTE 14 – PROVISION FOR INCOME TAXES | NOTE 14 – PROVISION FOR INCOME TAXES The Company provides for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. The following table presents a reconciliation of the income taxes presented in the Statement of Operations for the years ended December 31, 2024 and 2023:
Year Ended December 31 |  | 2024 |  | 2023
Current |  |  |  |  |  |  |  |
Federal |  | $ | 210,222 |  |  | $ | — |
State |  |  | — |  |  |  | — |
Deferred |  |  |  |  |  |  |  |
Federal |  |  | 138,808 |  |  |  | — |
State |  |  | — |  |  |  | — |
Income tax expense |  | $ | 394,030 |  |  | $ | — |
The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate to the income tax amount recorded as of December 31, 2024 and 2023, are as follows:
|  | December 31, |  | December 31,
|  | 2024 |  | 2023
Net Operating loss carryforward |  | $ | 15,392,658 |  |  | $ | 13,457,361 |
Effective tax rate |  |  | 21 | % |  |  | 21 | %
Deferred tax asset |  |  | 3,232,458 |  |  |  | 2,826,046 |
Foreign taxes |  |  | (16,895 | ) |  |  | (7,279 | )
Less: valuation allowance |  |  | (2,972,455 | ) |  |  | (2,392,012 | )
Net deferred tax asset |  | $ | 243,108 |  |  | $ | 426,755 |
As of December 31, 2024, the Company has approximately $15,400,000 of net operating losses (“NOL”) generated to December 31, 2024 carried forward to offset taxable income in future years which began to expire in 2023. NOLs generated in the United States for tax years prior to December 31, 2017, can be carried forward for twenty years, whereas NOLs generated after December 31, 2017 can be carried forward indefinitely. NOLs generated in Switzerland can be carried forward for 7 years. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against all of the deferred tax assets relating to NOLs for every period because it is more likely than not that all of the deferred tax assets will not be realized other than those recorded at SwissLink, because the Company anticipates utilizing the NOLs prior to their expiration. Utilization of the NOL carry forwards may be subject to an annual limitation due to ownership change limitations that may have occurred or that could occur in the future, as required by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). These ownership changes may limit the amount of the NOL carry forwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change” as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders. Tax returns for the years ended 2018 through 2024 are subject to review by the tax authorities.

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