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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
INCOME TAXES  
Schedule of components of income tax expense

 

 

2024

 

 

2023

 

Federal tax statutory rate

 

 

21.0%

 

 

21.0%

Temporary differences:

 

 

 

 

 

 

 

 

Stock/option compensation

 

 

(1.7)%

 

 

(12.4)%

Permanent differences:

 

 

 

 

 

 

 

 

Changes in fair value of derivatives

 

 

2.4%

 

 

0.9%

Financing costs

 

 

(2.4 )%

 

 

(2.3 )%

Debt discount amortization

 

 

(2.1 )%

 

 

(0.8)%

Loss on settlement of liabilities, warrants and preferred stock

 

 

(3.9 )%

 

 

(2.1 )%

Loss on conversion of preferred stock

 

 

0.0%

 

 

(1.7 )%

Impairments

 

 

(7.3 )%

 

 

0.0%

Valuation allowance

 

 

(6.1 )%

 

 

(6.8 )%

Effective rate

 

 

0%

 

 

0%
Schedule of deferred tax assets and liabilities

 

 

2024

 

 

2023

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$7,301,000

 

 

$5,600,000

 

Temporary differences

 

 

-

 

 

 

90,000

 

Total deferred tax asset

 

 

7,301,000

 

 

 

5,510,000

 

Valuation allowance

 

 

(7,301,000)

 

 

(5,510,000)

 

 

$-

 

 

$-