Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.23.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
SCHEDULE OF EFFECTIVE INCOME TAX RATES RECONCILIATION
    2022     2021  
Tax benefit at U.S. statutory rate   $ (1,151,071 )   $ (2,515,184 )
State taxes, net of federal benefit    

-

     (89,264 )
Stock based compensation     423,597      

1,875,514

  
PPP loan forgiveness     -    

(30,018

 )
Gain on extinguishment of liabilities     (11,399 )    

238,260

  
Other permanent differences    

592,659

       -  
Change in valuation allowance     146,214       520,692  
Total income tax expenses   $ -     $ -  
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the years ended December 31, 2022 and 2021 consisted of the following:

 

 

    2022     2021  
Net operating loss carry-forward   $ 3,204,894     $ 3,073,065  
Accrued expenses     -       166,783  
Stock based compensation     58,106       70,128  
Section 174 R&D expenses    

193,236

       -  
Charitable contribution     221      

267

  
Net deferred tax assets     3,456,457       3,310,243  
Valuation allowance     (3,456,457 )     (3,310,243 )
Total net deferred tax asset   $ —     $ —