Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.24.1
Income Tax (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax [Abstract]  
Schedule of C Corporation and Subject to Federal and State Corporate Income Taxes The Company is currently taxable as a C corporation and subject to federal and state corporate income taxes. The Company recorded a provision as follows:
    2023     2022     2021  
Current expense   $ 64,993     $
     -
    $
-
 
Deferred expense    
-
     
-
     
-
 
Total expense   $ 64,993     $
-
    $
       -
 
Schedule of Components of Deferred Tax Assets and Liabilities The components of deferred tax assets and liabilities at December 31, 2023, 2022 and 2021 were as follows:
Deferred tax assets:   2023     2022     2021  
Net operating loss carryforward   $ 641,502     $ 1,207,956     $ 929,161  
Net capital loss carryforwards     651,514       651,262       1,568,604  
Other     3,476       3,475       181,375  
Basis differences in investments     730,130       117,820       716,075  
Total gross deferred tax assets     2,026,622       1,980,513       3,395,215  
Less: Valuation allowance     (2,026,622 )     (1,980,513 )     (3,395,215 )
Net deferred tax assets   $
-
    $
-
    $
-
 

 

Schedule of Difference between the Tax Provision (Benefit) at the Statutory Federal Income Tax Rate and the Tax Provision (Benefit) The difference between the tax provision (benefit) at the statutory federal income tax rate and the tax provision (benefit) was as follows:
    2023     2022     2021  
Federal statutory tax rate     21.00 %     21.00 %     21.00 %
Federal payable true up    
-
     
-
     
-
 
State tax, net of federal benefit     (7.25 )    
-
     
-
 
Permanent items    
-
     
-
     
-
 
Capital loss carryforward expiration    
-
     
-
      9.11  
Deferred true-up     (30.33 )     0.29      
-
 
Rate change    
-
     
-
     
-
 
Increase (decrease) in valuation allowance     (40.48 )     (21.29 )     (30.11 )
Other    
-
     
-
     
-
 
Effective tax rate     (57.06 )%    
-
%    
-
%