INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

SCHEDULE OF INCOME TAX PROVISION (BENEFIT)

The income tax benefit for the years ended December 31, 2023 and 2022 consists of the following:

	2023			2022
Federal
Current	$	-		$	-
Deferred		-			-
State and Local		-			-
Current		-			-
Deferred		(1,280,385	)		(1,567,026	)
Total	$	(1,280,385	)	$	(1,567,026	)

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

A reconciliation of the Company’s statutory tax rate to the effective rate for the years ended December 31, 2023 and 2022 is as follows:

	2023			2022
Federal statutory rate		21.0	%		21.0	%
State taxes, net of federal tax benefit		7.1			7.1
Permanent differences		(3.1	)		29.8
True-Up		(105.0	)		–
Other		(2.9	)		–
Change in valuation allowance and deferred rate change, net		89.0			(53.8	)
Effective tax rate		6.1	%		4.1	%

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The components of the Company’s deferred tax asset as of December 31, 2023 and 2022 are as follows:

	December 31,
	2023			2022
Net operating loss carryforwards	$	67,310,000		$	79,800,000
Section 174		4,929,000			-
Other deferred tax assets, net		2,016,000			13,287,000
Subtotal		74,255,000			93,087,000
Valuation allowance		(72,974,615	)		(91,519,974	)
Total deferred tax asset	$	1,280,385		$	1,567,026