Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 8. Income Taxes

There was no income tax benefit for the net losses for the three and nine months ended September 30, 2024 and September 30, 2023 due to the recording of a full valuation allowance as management has determined that it is more likely than not that that the realization of the net deferred tax assets would not be realized. However, the income tax benefit of $160,600 and $122,700 for the three and nine months ended September 30, 2023 is a result of a reversal of tax accruals.

The components for federal and state income tax expense are:

	Nine Months ended September 30
	2024		2023
Current federal taxes	$	—	$	(122,700	)
Current state taxes		—		—
Income tax expense (benefit)	$	—	$	(122,700	)

There was no change in unrecognized tax benefits during the period ended September 30, 2024 and there was no accrual for uncertain tax positions as of September 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 of $144,563   will not expire but is subject to 80% utilization of current year taxable income. The Pennsylvania State net operating loss carryforward is currently $2,039,134 as of September 30, 2024 and will begin to expire in 2024 and is subject to 40% utilization of current year taxable income but will be phased in to reach 80% utilization beginning in 2025.