INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Summary of provision for income tax expense (benefit)

The provision for income tax expense (benefit) consists of the following:

Current income tax expense (benefit)	-
Deferred income tax expense (benefit)	-
Total income tax expense (benefit)	-

Effective Rate Reconciliation:

Pre-Tax income (loss) (16,308,366)

Summary of reconciliations of the expected income tax expense (benefit) and the actual income tax expense (benefit)

Expected Federal income tax expense (benefit)	(3,424,757)	21.00%
State income tax expense (benefit)	(1,141,586)	7.00%
Stock option compensation	926,072	-5.68%
Section 162(m) Limitation	364,000	-2.23%
Other permanent differences	(3,577)	0.02%
Prior Year True-Up Adjustments	(3,117,890)	19.12%
Change in Valuation Allowance	6,397,738	-39.23%
Total income tax expense (benefit)	-

Summary of Net deferred income tax assets (liabilities)

	2023	2022
Deferred tax assets (liabilities)
Net Operating Loss Carryovers	5,457,368	2,987,090
Credit Carryovers	2,127,544	-
Capitalized Reserch and Development	1,752,064	-
Reserves and Allowances	50,229	22,195
Capital Loss Carryover	21,557	-
Depreciation	1,922	3,662
Deferred Tax Assets	9,410,684	3,012,947
Less: Valuation Allowance	(9,410,684)	(3,012,947)
Net Deferred Tax Assets	-	-