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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

SCHEDULE OF COMPONENTS OF INCOME TAX PROVISION (BENEFIT)

The components of income tax provision (benefit) for the years ended December 31, 2023, and 2022 are as follows:

SCHEDULE OF COMPONENTS OF INCOME TAX PROVISION (BENEFIT) 

		2023				2022
Current taxes:
Federal		$	-			$	-
State			-				-
Total current taxes			-				-
Deferred tax provision (benefit)			-				-
Income tax provision (benefit)		$	-			$	-

SCHEDULE OF RECONCILIATION OF INCOME TAX (PROVISION) BENEFIT

A reconciliation of the income tax (provision) benefit at the statutory rate of 21% for the years ended December 31, 2023, and 2022 to the Company’s effective tax rate is as follows:

SCHEDULE OF RECONCILIATION OF INCOME TAX (PROVISION) BENEFIT 

		2023				2022
U.S. Statutory tax rate			21.0	%			21.0	%
State taxes, net of Federal benefit			6.0	%			6.0	%
Stock based compensation			4.3	%			(1.5	)%
Change in valuation reserve on deferred tax assets			(28.8	)%			(91.2	)%
Termination of warrant derivative liabilities			-	%			57.0	%
Contingent consideration for acquisition			(3.0	)%			4.1	%
Extinguishment of convertible debt			3.2	%			-	%
Other, net			(2.7	)%			4.6	%
Income tax (provision) benefit			-	%			-	%

SCHEDULE OF SIGNIFICANT COMPONENTS OF DEFERRED TAX ASSETS (LIABILITIES)

Significant components of the Company’s deferred tax assets (liabilities) as of December 31, 2023 and 2022 are as follows:

SCHEDULE OF SIGNIFICANT COMPONENTS OF DEFERRED TAX ASSETS (LIABILITIES) 

		2023				2022
Deferred tax assets:
Stock-based compensation		$	305,000			$	510,000
Start-up costs			110,000				110,000
Inventory reserves			1,120,000				1,355,000
Uniform capitalization of inventory costs			115,000				70,000
Allowance for doubtful accounts receivable			50,000				40,000
Property, plant and equipment depreciation			230,000				290,000
Deferred revenue			2,535,000				1,965,000
Accrued litigation reserve			500,000				60,000
Accrued expenses			35,000				50,000
Net operating loss carryforward			35,365,000				27,940,000
Research and development tax credit carryforward			1,795,000				1,795,000
State jobs credit carryforward			230,000				230,000
Charitable contributions carryforward			95,000				95,000
Total deferred tax assets			42,485,000				34,510,000
Valuation reserve			(41,610,000	)			(34,200,000	)
Total deferred tax assets			875,000				310,000
Deferred tax liabilities:
Warrant derivative liabilities			(455,000	)			-
Intangible assets			(265,000	)			(165,000
Domestic international sales company			(155,000	)			(145,000	)
Total deferred tax liabilities			(875,000	)			(310,000	)
Net deferred tax assets (liability)		$	-			$	-

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 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.

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-Topic 740
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-Name Accounting Standards Codification
-Section 55
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