Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.23.1
Income Tax (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of C corporation and subject to federal and state corporate income taxes
    2022     2021     2020  
Current expense (benefit)   $      -     $   -     $ 1,816  
Deferred expense (benefit)     -       -       -  
Total expense (benefit)   $ -     $ -     $ 1,816  

 

Schedule of components of deferred tax assets and liabilities
Deferred tax assets:   2022     2021     2020  
Net operating loss carryforward   $ 1,207,956     $ 929,161     $ 396,954  
Net capital loss carryforwards     651,262       1,568,604       2,665,878  
Other     3,475       181,375       294,141  
Basis differences in investments     117,820       716,075       3,649,990  
Total gross deferred tax assets     1,980,513       3,395,215       7,006,963  
Less: Valuation allowance     (1,980,513 )     (3,395,215 )     (7,006,963 )
Net deferred tax assets   $
-
    $
-
    $
-
 

 

Schedule of difference between the tax provision (benefit) at the statutory federal income tax rate and the tax provision (benefit)
    2022     2021     2020  
Federal statutory tax rate     21.00 %     21.00 %     21.00 %
Federal payable true up     -       -       -  
Permanent items     -       -       0.01  
Capital loss carryforward expiration     -       9.11       -  
Deferred true-up     0.29       -       (0.35 )
Rate change     -       -       -  
Increase (decrease) in valuation allowance     (21.29     (30.11 )     (20.66 )
Other     -       -       -  
Effective tax rate     - %     - %     - %