Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
SCHEDULE OF RECONCILIATION OF STATUTORY INCOME TAX RATES AND EFFECTIVE TAX RATE

A reconciliation of the statutory income tax rates and the effective tax rate is as follows:

 

    December 31,  
    2023     2022  
             
Statutory U.S. federal rate     21.0 %     21.0 %
State income tax, net of federal benefit     7.0 %     7.0 %
Permanent differences     - %     (7.5 )%
Valuation allowance     (28.0 )%     (20.5 )%
                 
Provision for income taxes     0.0 %     0.0 %
SCHEDULE OF DEFERRED TAX ASSETS

The tax effects of the temporary differences and carry forwards that give rise to deferred tax assets consist of the following:

 

    2023     2022  
    December 31,  
    2023     2022  
             
Deferred tax assets:                
Net operating loss carry forwards   $ 2,781,577     $ 1,674,531  
Accrued payroll     203,771      

-

  
Stock-based compensation     60,321       -  
Depreciation and amortization     (21,911 )     -  
Valuation allowance     (3,023,758 )     (1,674,531 )
                 
Total   $ -     $ -