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Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

Note 14 – Income Taxes

 

The components of the provision for income taxes were as follows:

    
Current:    
Federal  $– 
State   50 
Foreign   (90,434)
 Current total   (90,384)
Deferred:     
Federal   – 
State   – 
Foreign   (144,474)
 Deferred total   (144,474)
Total  $(234,858)

 

The Company’s effective tax rate differs from the federal statutory rate as follows:

Schedule of income tax expense        
Pre-Tax Book Income  $(1,121,714)  $21.00% 
State Taxes   40    0.00% 
Other Foreign Taxes   (119,181)   2.23% 
Permanent Adjustments   56,092    -1.05% 
Change in Valuation Allowance   569,920    -10.67% 
Foreign Tax Rate Differential   62,181    -1.16% 
Rate Change   149,237    -2.79% 
Provision to Return Adjustments   156,540    -2.93% 
Other   12,027    -0.23% 
Total  $(234,858)  $4.40% 

 

The components of the net deferred tax assets and liabilities for the years ended December 31, were as follows:

            
Deferred Tax Assets:   2024     2023 
Net Operating Loss, Credits and Carryforwards   $ 6,460,638     $5,277,829 
Fixed Assets     –      – 
Intangibles     614,734      641,800 
Research and Development     25,327      25,327 
Other DTA     95,935      454,890 
Lease Liability     252,407      174,292 
Valuation Allowance     (6,967,294 )    (6,397,374)
Deferred Tax Assets     481,747      176,764 
Deferred Tax Liabilities:              
Other DTL     (67 )    – 
Fixed Assets     (141,396 )    (54,097)
Intangibles     –      – 
Right-of-Use Asset     (248,050 )    (171,396)
Deferred Tax Liabilities     (389,513 )    (225,493)
Net Deferred Tax Liability   $ 92,234     $(48,729)