XML 46 R32.htm IDEA: XBRL DOCUMENT v3.22.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
INCOME TAXES  
Schedule of Income Tax Provision

 

 

Years ended

December 31,

 

 

 

2021

 

 

2020

 

Expected tax at 21%

 

$(2,196,879 )

 

$(773,128 )

 

 

 

 

 

 

 

 

 

Nontaxable unrealized gain on investment in and receivable from Can B Corp

 

 

-

 

 

 

101,529

 

Nondeductible stock-based compensation

 

 

518,614

 

 

 

117,131

 

State tax net of federal benefit

 

 

(954,062 )

 

 

-

 

Change in state tax rate

 

 

(1,077,991 )

 

 

-

 

Other

 

 

(174,171 )

 

 

-

 

Increase (decrease) in valuation allowance

 

 

3,884,489

 

 

 

554,468

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

$-

 

 

$-

 

Schedule of Deferred Income Tax Assets

 

 

December 31,

2021

 

 

December 31,

2020

 

 

 

 

 

 

 

 

Net operating loss carryforward

 

$4,368,423

 

 

$1,458,373

 

Stock based compensation

 

 

4,536,393

 

 

 

3,391,178

 

Intangibles

 

 

(155,470 )

 

 

-

 

Accrued compensation

 

 

(11,049 )

 

 

-

 

Right-of-use assets

 

 

39,762

 

 

 

-

 

Other

 

 

(44,019 )

 

 

-

 

Total deferred tax assets

 

$8,734,040

 

 

$4,849,551

 

 

 

 

 

 

 

 

 

 

Less valuation allowance

 

$(8,734,040 )

 

$(4,849,551 )

 

 

 

 

 

 

 

 

 

Deferred income tax assets - net

 

$-

 

 

$-