INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

SCHEDULE OF COMPONENTS OF FEDERAL AND STATE INCOME TAXES

The provision for federal and state income taxes for the years ended December 31, 2023 and 2022 included the following:

	Year Ended December 31,
	2023			2022
Current provision (benefit):
Federal	$	307,923		$	-
State		39,872			-
Deferred provision (benefit):
Federal		280,776			(186,103	)
State		(15,067	)		(5,575	)
Valuation allowance		-			-
Total income tax expense (benefit)	$	613,504		$	(191,678	)

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

	Year Ended December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	1,289,646		$	1,475,901
Carrying value differences		215,337			203,541
Net deferred tax assets		1,504,983			1,679,442
Deferred tax liabilities:
Carrying value differences		(355,632	)		(238,208	)
Net deferreds	$	1,149,351		$	1,441,234

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

A reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory tax rate for the years ended December 31, 2023 and 2022, is as follows:

	Year Ended December 31,
	2023			2022
Net income tax provision (benefit) at federal statutory rate of 21%	$	660,042		$	(172,768	)
Adjustments to reconcile to the effective rate:
State and local income tax (benefit), net of federal tax benefits		57,143			(14,736	)
Dividends received deduction		(48,224	)		-
Non-taxable gain		(35,112	)		-
Stock compensation and related expenses		-			185,169
W-1 Warrant mark-to-market		(23,520	)		(189,000	)
Other		3,175			(343	)
Effective income tax provision (benefit)	$	613,504		$	(191,678	)