| 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:
SCHEDULE
OF RECONCILIATION OF STATUTORY INCOME TAX RATES AND EFFECTIVE TAX RATE
| |
|
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 |
% |
|
A
reconciliation of the statutory income tax rates and the effective tax rate is as follows:
SCHEDULE
OF RECONCILIATION OF STATUTORY INCOME TAX RATES AND EFFECTIVE TAX RATE
| |
|
December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| Statutory U.S. federal rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
| State income tax, net of federal benefit |
|
|
7.0 |
% |
|
|
7.0 |
% |
| Permanent differences |
|
|
(7.5
|
)% |
|
|
(4.0
|
)% |
| Valuation allowance |
|
|
(20.5
|
)% |
|
|
(24.0
|
)% |
| |
|
|
|
|
|
|
|
|
| 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:
SCHEDULE
OF DEFERRED TAX ASSETS
| |
|
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 |
|
$ |
- |
|
|
$ |
- |
|
|
The
tax effects of the temporary differences and carry forwards that give rise to deferred tax assets consist of the following:
SCHEDULE
OF DEFERRED TAX ASSETS
| |
|
2022 |
|
|
2021 |
|
| |
|
December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Net operating loss carry forwards |
|
$ |
1,674,531 |
|
|
$ |
1,073,527 |
|
| Valuation allowance |
|
|
(1,674,531 |
) |
|
|
(1,073,527 |
) |
| |
|
|
|
|
|
|
|
|
| Total |
|
$ |
- |
|
|
$ |
- |
|
|