Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
SCHEDULE OF NON-CURRENT DEFERRED TAX ASSETS

The non-current deferred tax asset is summarized below:

 

    2024     2023  
             
Deferred tax assets                
Net operating loss carry forwards   $ 7,340,000     $ 6,800,000  
Intangible and fixed assets     -       5,000  
Other     -       15,000  
Total deferred tax assets     7,340,000       6,820,000  
                 
Deferred tax liabilities                
Depreciation and amortization     -       -  
Valuation allowance     (7,340,000 )     (6,820,000 )
Net deferred tax asset   $ -     $ -  
SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT)

The benefit for income taxes differed from the amount computed using the U.S. federal income tax rate of 21% for December 31, 2024 and 2023, as follows:

 

    2024     2023  
             
Income tax benefit   $ 520,000     $ 500,000  
Non-deducible items     -       (2,000 )
State and other benefits included in valuation     -       (7,000 )
Provision to return adjustments     -       -  
Impairment of intangible assets     -       -  
Impairment of investment     -       (38,000 )
Exclusion of income (losses) of pass-through entity     -       (3,000 )
Other     -       -  
Change in valuation allowance     (520,000 )     (450,000 )
Income tax benefit   $ -     $ -