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

Income Tax (Tables)

Income Tax (Tables)

12 Months Ended

Dec. 31, 2024

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:

	Year Ended December 31,
	2024			2023		2022
Current expense (benefit)	$	(1,850	)	$	64,993	$	456
Deferred expense		-			-		-
Total income tax expense (benefit)	$	(1,850	)	$	64,993	$	456

Schedule of Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities at December 31, 2024, 2023 and 2022 were as follows:

Deferred tax assets:	2024			2023			2022
Net operating loss carryforward	$	676,170		$	641,502		$	1,207,956
Net capital loss carryforwards		1,683,864			651,514			651,262
Other		-			3,476			3,475
Basis differences in investments		1,949,538			730,130			117,820
Total gross deferred tax assets		4,309,572			2,026,622			1,980,513
Less: Valuation allowance		(4,309,572	)		(2,026,622	)		(1,980,513	)
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:

	Year Ended December,
	2024			2023			2022
Federal statutory tax rate		21.00	%		21.00	%		21.00	%
Federal payable true up		-			-			-
State tax, net of federal benefit		0.01			(7.25	)		-
Permanent items		-			-			-
Capital loss carryforward expiration		-			-			-
Deferred true-up		0.03			(30.33	)		0.29
Rate change		-			-			-
Decrease in valuation allowance		(21.02	)		(40.48	)		(21.29	)
Other		-			-			-
Effective tax rate		0.02	%		(57.06	)%		-	%