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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

SCHEDULE OF NET DEFERRED TAX ASSETS AND LIABILITIES

The Company’s net deferred tax assets, liabilities and valuation allowance as of December 31, 2023 and 2022 are summarized as follows:

 SCHEDULE OF NET DEFERRED TAX ASSETS AND LIABILITIES

		2023				2022
		December 31,
		2023				2022
Deferred Tax Assets:
Net operating loss carryforwards		$	14,311,000			$	13,200,000
Stock-based compensation			15,788,000				13,810,000
Research and development costs			1,676,000				655,000
Research and development credits			330,000				330,000
Right-of-use assets			25,000				-
Other			4,000				-
Total Deferred Tax Assets			32,134,000				27,995,000
Deferred Tax Liabilities:
Depreciation			(122,000	)			(106,000	)
Intangible assets			(47,000	)			(113,000	)
Lease liability			(39,000	)			-
Other			(86,000	)			-
Total Deferred Tax Liabilities			(294,000	)			(219,000	)
Net Deferred Tax Asset			31,840,000				27,776,000
Less: valuation allowance			(31,840,000	)			(27,776,000	)
Deferred Tax Asset, Net of Valuation Allowance		$	-			$	-
Change in valuation allowance		$	(4,064,000	)		$	(5,822,000	)

SCHEDULE OF INCOME TAX PROVISION (BENEFIT)

The income tax provision (benefit) as of December 31, 2023 and 2022 consists of the following:

 SCHEDULE OF INCOME TAX PROVISION (BENEFIT)

		2023				2022
		December 31,
		2023				2022
		(As Restated)				(As Restated)
Federal:
Current		$	-			$	-
Deferred			(3,090,000	)			(4,351,000	)
State & Local:
Current			-				-
Deferred			(974,000	)			(1,471,000	)
Income tax provision (benefit), gross			(4,064,000	)			(5,822,000	)
Change in valuation allowance			4,064,000				5,822,000
Income tax provision (benefit)		$	-			$	-

SCHEDULE OF STATUTORY FEDERAL INCOME TAX RATE

A reconciliation of the statutory federal income tax benefit to actual tax benefit for the years ended December 31, 2023 and 2022 is as follows:

 SCHEDULE OF STATUTORY FEDERAL INCOME TAX RATE

		December 31,
		2023				2022
		(As Restated)				(As Restated)
Federal statutory rate			21.0	%			21.0	%
State rate, net of federal benefit			1.7	%			7.8	%
Permanent differences			7.2	%			7.8	%
Tax return to provision adjustment			-0.2	%			7.3	%
Change in valuation allowance			-29.7	%			-44.0	%
Effective tax rate			0.0	%			0.0	%

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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.

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-Topic 740
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-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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