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Income Taxes
 6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 8 – INCOME TAXES

 

The following table summarizes our effective tax rate based on the tax expense/(benefit) for income taxes attributable to pretax income:

 

   For the three months ended
June 30,		 
   2022   2021 
         
Income/(Loss) before income taxes   (2,405,632)   (6,348,860)
Tax Expense/(Benefit) for income taxes   12,128    
-
 
Effective income tax rate   (0.50)%   0.00%

 

    For the six months ended
June 30,		  
    2022     2021  
             
Income/(Loss) before income taxes     (13,975,707 )     (44,868,930 )
Tax Expense/(Benefit) for income taxes     12,128      
-
  
Effective income tax rate     (0.09 )%     0.00 %

 

The Company’s effective tax rate is calculated by dividing total income tax expense by the sum of income before income tax expense and the net income attributable to noncontrolling interests. The Company has maintained a full valuation allowance for federal and the majority of its state jurisdictions.