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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Benefit

The components of income tax benefit for the years ended December 31, 2022, and 2021 are as follows:

 

Federal  $-   $- 
Income Tax Expense (Benefit)  Year Ended
December 31, 2022		  

Year Ended

December 31, 2021

 
Current tax payable          
Federal  $-   $- 
State   -    - 
Total current tax payable   -    - 
Deferred tax          
Federal   (1,619,000)   (456,000)
State   (165,000)   (1,068,000)
Total deferred tax  $(1,784,000)  $(1,524,000)
Less increase in valuation allowance   1,163,000    129,000 
Total income tax benefit  $(621,000)  $(1,395,000)
Schedule of Deferred Tax Assets and Liabilities

Individual components of deferred tax assets and liabilities are approximately as follows:

 

   -  - 
Deferred Tax Assets & Liabilities:        
Deferred Tax assets:          
Impairment of investment  $929,000   $- 
Research & development cost   250,000    - 
Net Operating loss   1,611,000    1,258,000 
Gross deferred tax assets   2,790,000    1,258,000 
           
Deferred tax liability:          
Intangible assets   (4,414,000)   (4,667,000)
Gross deferred tax liability   (4,414,000)   (4,667,000)
           
Less valuation allowance   (1,611,000)   (447,000)
Net deferred tax liability  $(3,235,000)  $(3,856,000)
Summary of Effective Income Tax Rate

 

   2022   2021 
Statutory United States federal rate   21.0%   21.0%
State income taxes net of federal benefit   1.7%   26.0%
Change in valuation allowance   (14.8)%   (4.0)%
           
Effective rate   7.9%   43%