Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Income Tax Expense

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

	2022		2021
Federal:
Current	$	-	$	-
Deferred		-		-
State and local:
Current		9,366		723
Deferred		-
Total	$	9,366	$	723

Reconciliation of Federal Statutory Rate to Effective Tax Rate

A reconciliation of the federal statutory rate to the effective tax rate for 2022 and 2021 is set forth below:

	2022			2021
Statutory Federal income tax rate		21.0	%		21.0	%
State income tax, net of Federal benefit		4.19	%		5.10	%
State Valuation Allowance		-4.98	%		-5.14	%
Federal Valuation Allowance		-20.04	%		-21.20	%
Other		-1.17	%		0.19	%
Effective income tax rate		-1.00	%		-0.05	%

Components of Net Deferred Tax Assets and Liabilities

Significant components of our net deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows:

	2022			2021
Deferred tax assets:
Federal and State NOL Carryforward		1,017,434			779,104
Capital loss carryforward		5,708			-
Other		17,167			13,640
Total Gross DTA		1,040,309			792,744
Less: Valuation Allowance		(1,037,374	)		(789,809	)
Total Deferred Tax Assets		2,935			2,935
Deferred tax liabilities:
Stock Based Compensation		(2,935	)		(2,935	)
Deferred State Income Tax		-			-
		(2,935	)		(2,935	)
Net deferred tax assets		-			-