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Income taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income taxes | 11. INCOME TAXES Income taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets are reduced, if deemed necessary, by a valuation allowance for the amount of tax benefits which are not expected to be realized. The components of income tax benefit for the years ended December 31, 2023, and 2022 are as follows: Schedule of Components of Income Tax Benefit
Income Tax Expense (Benefit) |  | Year Ended December 31, 2023 |  |  | Year Ended December 31, 2022 |
Current tax payable |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |
State |  |  | - |  |  |  | - |
Total current tax payable |  |  | - |  |  |  | - |
Deferred tax |  |  |  |  |  |  |  |
Federal |  |  | (920,000 | ) |  |  | (1,619,000 | )
State |  |  | (94,000 | ) |  |  | (165,000 | )
Total deferred tax |  | $ | (1,014,000 | ) |  | $ | (1,784,000 | )
Less increase in valuation allowance |  |  | 1,014,000 |  |  |  | 1,163,000 |
Total income tax benefit |  | $ | - |  |  | $ | (621,000 | )
Individual components of deferred tax assets and liabilities are approximately as follows: Schedule of Deferred Tax Assets and Liabilities
Deferred Tax Assets & Liabilities: |  |  |  |  |  |
Deferred Tax assets: |  |  |  |  |  |  |  |
Impairment of investment |  | $ | 929,000 |  |  | $ | 929,000 |
Research & development cost |  |  | 538,000 |  |  |  | 250,000 |
Net Operating loss |  |  | 2,087,000 |  |  |  | 1,611,000 |
Gross deferred tax assets |  |  | 3,554,000 |  |  |  | 2,790,000 |
Deferred tax liability: |  |  |  |  |  |  |  |
Intangible assets |  |  | (4,164,000 | ) |  |  | (4,414,000 | )
Gross deferred tax liability |  |  | (4,164,000 | ) |  |  | (4,414,000 | )
Less valuation allowance |  |  | (2,625,000 | ) |  |  | (1,611,000 | )
Net deferred tax liability |  | $ | (3,235,000 | ) |  | $ | (3,235,000 | )
Schedule of Effective Income Tax Rate Reconciliation
|  | 2023 |  |  | 2022 |
Statutory United States federal rate |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes net of federal benefit |  |  | 1.7 | % |  |  | 1.7 | %
Change in valuation allowance |  |  | (22.7 | )% |  |  | (14.8 | )%
Effective rate |  |  | 0.0 | % |  |  | 7.9 | %
As of December 31, 2023, and 2022, the Company has net operating loss carry forwards of approximately $9,209,000 and $7,109,000 respectively. The Company does not have other temporary differences associated with the amortization of intangible assets. As of December 31, 2023, and 2022, the total deferred tax assets carry-forward were $3,554,000 and $2,790,000, respectively. The deferred tax assets could be carried forward indefinitely. The full utilization of the deferred tax assets in the future is dependent upon the Company’s ability to generate taxable income. Considering the development stage of the Company, management believed that it was probable that the Company would not use tax assets in the near future. Accordingly, a valuation allowance of an equal amount has been established. During the years ended December 31, 2023 and December 31, 2022, the valuation allowance increased by $1,014,000 and decreased by $1,163,000, respectively. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in tax expense. During the years ended December 31, 2023 and 2022 the Company recognized no interest and penalties.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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