Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 8. Income Taxes

At June 30, 2024, there was no income tax benefit for the net losses for the six months ended June 30, 2024 due to the recording of a full valuation allowance since it is more likely than not that that the realization of the net deferred tax assets would not be realized. At June 30, 2023 the Company had federal and state taxable income of approximately $138,400 and $88,400, respectively. State income taxes in the six months ended June 30, 2023 resulted from limitations placed on income tax net operating loss deductions by the Commonwealth of Pennsylvania.

The components for federal and state income tax expense are:

	Six Months ended June 30
	2024		2022
Current federal taxes	$	—	$	29,100
Current state taxes		—		8,800
Income tax expense (benefit)	$	—	$	37,900

There was no change in unrecognized tax benefits during the period ended June 30, 2024 and there was no accrual for uncertain tax positions as of June 30, 2024. Tax years from 2021 through 2023 remain subject to examination by U.S. federal and state jurisdictions. The Federal net operating loss carryforward is $438,891 and the Pennsylvania State net operating loss carryforward is currently $2,023,257 as of June 30, 2024.