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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Note 11 – Income Taxes The components of the provision for income taxes were as follows:
Schedule of provision for income taxes |  |  |  |
Current: |  |  |  |
Federal |  | $ | – |
State |  |  | 50 |
Foreign |  |  | 379,246 |
Total Current |  |  | 379,296 |
Deferred: |  |  |  |
Federal |  |  | – |
State |  |  | – |
Foreign |  |  | 15,870 |
Total Deferred |  |  | 15,870 |
Total |  | $ | 395,166 |
The Company’s effective tax rate differs from the federal statutory rate as follows:
Schedule of income tax expense |  |  |  |  |  |  |  |
Pre-Tax Book Income |  | $ | (826,953 | ) |  | $ | 20.14% |
State Taxes |  |  | 50 |  |  |  | 0.00% |
Permanent Adjustments |  |  | 56,812 |  |  |  | -1.38% |
Change in Valuation Allowance |  |  | 860,705 |  |  |  | -20.96% |
Foreign Tax Rate Differential |  |  | – |  |  |  | 0.00% |
Rate Change |  |  | 167,676 |  |  |  | -4.08% |
Provision to Return Adjustments |  |  | 67,144 |  |  |  | -1.63% |
Other |  |  | 69,732 |  |  |  | -1.70% |
Total |  | $ | 395,166 |  |  | $ | -9.62% |
The components of the net deferred tax assets and liabilitie were as follows:
Schedule of components of net deferred tax assets |  |  |
Deferred Tax Assets: |  |  |
Net Operating Loss, Credits and Carryforwards |  | $ | 5,277,829 |
Fixed Assets |  |  | – |
Intangibles |  |  | 641,800 |
Research and Development |  |  | 25,327 |
Other DTA |  |  | 454,890 |
Lease Liability |  |  | 174,292 |
Valuation Allowance |  |  | (6,397,374 | )
Deferred Tax Assets |  |  | 176,764 |
Deferred Tax Liabilities: |  |  |  |
Fixed Assets |  |  | (54,095 | )
Intangibles |  |  | – |
Right-of-Use Asset |  |  | (171,396 | )
Deferred Tax Liabilities |  |  | (225,491 | )
Net Deferred Tax Liability |  | $ | (48,727 | )

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