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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Income Tax Expense

The Company’s income tax expense (benefit) consisted of:
		For the Year Ended
		December 31,				December 31,
		2022				2021
Current:
Federal		$	-			$	-
State			-				(74,000	)
Foreign			-				-
			-				(74,000	)
Deferred:
Federal			-				-
State			-				-
Foreign			-				-
			-				-
Total		$	-			$	(74,000	)

Net Income (Loss) Before Income Tax

The Company’s net income (loss) before income tax consisted of:
		For the Year Ended
		December 31,				December 31,
		2022				2021
United States		$	(2,880,060	)		$	(4,509,585	)
Foreign			-				-
Total		$	(2,781,060	)		$	(4,509,585	)

Effective Income Tax Rate Reconciliation

		For the Year Ended
		December 31,				December 31,
		2022				2021
Income (Loss) before income tax		$	(2,880,060	)		$	(4,509,585	)
US statutory corporate income tax rate			28.00	%			28.00	%
Income tax expense (benefit) computed at US statutory corporate income tax rate			(806,417	)			(1,002,844	)
Reconciling items:
Change in valuation allowance on deferred tax assets			553,005				1,334,294
Provision to prior year tax return			36,032				(60,646	)
Incentive stock options and warrants			183,076				5,139
Gain Upon Debt Extinguishment							(116,083	)
Other			34,034				25,894
Income tax expense (benefit)		$	-			$	(74,086	)

Deferred Income Tax Assets (Liabilities)

		December 31,				December 31,
		2022				2021
Deferred tax assets:
Reserve for Bad Debt		$	470,000			$	470,000
Inventory Reserve			27,000				-
Accrued Vacation			38,000				81,000
Warranty Reserve			19,000				19,000
Intangible Assets			257,000				404,000
Capitalized Research and Development			67,000				-
Operating lease right-of-use liabilities			241,000				267,000
Net operating losses			4,639,000				4,124,000
Valuation Allowance			(5,332,000	)			(4,941,000	)
Deferred Tax Assets			426,000				424,000
Deferred tax liabilities:
Operating lease right-of-use assets			(217,000	)			(277,000	)
Property and Equipment			(209,000	)			(147,000	)
			(426,000	)			(424,000	)
Net Deferred Tax Assets and Liabilities		$	-			$	-

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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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.

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-Publisher FASB
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-SubTopic 10
-Section 50
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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