Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

Income Tax Benefit

Income tax benefit for the years ending December 31 consisted of:

	2021		2020
Federal:
Current	$	-	$	(186,217	)
Deferred		-		2,572
State and local:
Current		723		(20,159	)
Deferred		-		361
Total	$	723	$	(203,443	)

Reconciliation of Federal Statutory Rate to Effective Tax Rate

A reconciliation of the federal statutory rate to the effective tax rate for the years ended December 31 is set forth below:

	2021			2020
Statutory Federal income tax rate		21.0	%		21.0	%
State income tax, net of Federal benefit		5.10	%		3.12	%
State Valuation Allowance		-5.14	%		-2.17	%
Federal Valuation Allowance		-21.20	%		-8.29	%
Other		0.19	%		-1.23	%
Effective income tax rate		-0.05	%		12.43	%

Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities as of December 31, 2021 and 2020 are as follows:

	2021			2020
Deferred tax assets:
Federal and State NOL Carryforward	$	779,104		$	337,606
Stock-based Compensation Expense		-			-
Compensation		-			-
Other		13,640			29,650
Total Gross DTA		792,744			367,256
Less: Valuation Allowance		(789,809	)		(354,833	)
Total Deferred Tax Assets	$	2,935		$	12,423
Deferred tax liabilities:
Stock Based Compensation	$	(2,935	)	$	(9,468	)
Deferred State Income Tax		-			(2,955	)
		(2,935	)		(12,423	)
Net deferred tax assets	$	-		$	-