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Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Benefit

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	)

Schedule of Deferred Tax Assets and Liabilities

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

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	%

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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.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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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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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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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.

+ References

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-SubTopic 10
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-Paragraph 12
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