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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
INCOME TAXES  
Schedule of Provision for income taxes

 

 

For the Years Ended

 

 

 

 December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Current

 

 

 

 

 

 

 

 

 

Domestic-Federal

 

$1,787,793

 

 

$1,080,572

 

 

$-

 

Domestic-State

 

 

719,490

 

 

 

618,341

 

 

 

-

 

Texas Franchise Tax

 

 

46,243

 

 

 

-

 

 

 

-

 

Foreign

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

2,553,526

 

 

 

1,698,913

 

 

 

-

 

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

Domestic-Federal

 

 

190,517

 

 

 

(257,461)

 

 

-

 

Domestic-State

 

 

53,612

 

 

 

(74,090)

 

 

-

 

Foreign

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

244,129

 

 

 

(331,551)

 

 

-

 

Total Provision for Income Taxes

 

$2,797,655

 

 

$1,367,362

 

 

$-

 

Schedule of Effective Income Tax Rate Reconciliation

 

 

For the Years Ended

 

 

 

 December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

Domestic-Federal

 

$2,098,733

 

 

$1,505,142

 

 

$(306,805)

State taxes, net of federal benefit

 

 

641,946

 

 

 

433,140

 

 

 

-

 

Non-deductible expenses

 

 

(1,291)

 

 

7,529

 

 

 

1,578

 

Texas franchise tax

 

 

46,243

 

 

 

-

 

 

 

-

 

Revision of prior years' provision to return filing

 

 

(2,938)

 

 

(20,979)

 

 

(38,556)

Change in estimated future income tax rates

 

 

(39,355)

 

 

(609,673)

 

 

-

 

Change in valuation allowance

 

 

40,465

 

 

 

52,203

 

 

 

343,783

 

Other

 

 

13,851

 

 

 

-

 

 

 

-

 

Total Provision (Benefit) for Income Taxes

 

$2,797,655

 

 

$1,367,362

 

 

$-

 

Schedule of Deferred Tax Assets and Liabilities

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Deferred Tax Assets:

 

 

 

 

 

 

Stock-based compensation

 

$2,754,875

 

 

$2,714,410

 

Sales Allowances

 

 

256,650

 

 

 

-

 

Accrued Related Party Expenses

 

 

612

 

 

 

259,463

 

Impairment of SmplyLifted Note and Other Receivables

 

 

-

 

 

 

105,124

 

Allowance for Doubtful Accounts

 

 

77,269

 

 

 

64,661

 

Other

 

 

23,060

 

 

 

8,725

 

Less: Valuation allowance for stock-based compensation

 

 

(2,754,875)

 

 

(2,714,410)

Total Deferred Tax Assets

 

 

357,591

 

 

 

437,973

 

 

 

 

 

 

 

 

 

 

Deferred Tax Liabilities:

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

(270,169)

 

 

(105,143)

Other

 

 

-

 

 

 

(1,279)

Total Deferred Tax Liabilities

 

 

(270,169)

 

 

(106,422)

 

 

 

 

 

 

 

 

 

Net Deferred Tax Assets

 

$87,422

 

 

$331,551