Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 14. Income Taxes

At December 31, 2023, the Company had net operating loss carryforwards for income taxes of approximately $5.6 million, which expire during various periods through 2041. Realization of deferred income taxes as of December 31, 2023 and 2022 is not considered likely. Therefore, by applying a federal statutory rate of 21% to the carryforward amounts, a valuation allowance of approximately $1.3 and $1.7 million, has been established for each year for the entire amount of deferred tax assets relative to the net operating loss at December 31, 2023 and 2022, respectively, resulting in an effective tax rate of 0% and no deferred tax asset recognition. The valuation allowance decreased by approximately $416,000 in 2023 and $215,000 in 2022. The net operating losses before 2017 will expire during various periods through 2037. The net operating losses after 2017 can be carried forward indefinitely but can offset only 80% of the income in the tax year.