v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedule of net operating loss carryforward and Deferred tax assets

 

 

2024

 

 

2023

 

Net Operating Loss Carryforward, January 1

 

$3,616,513

 

 

$3,796,573

 

Taxable Income, January 1 to September 30

 

 

146,282

 

 

 

145,584

 

Net Operating Loss Carryforward, September 30

 

$3,470,231

 

 

$3,650,989

 

Federal Deferred Tax Asset, January 1

 

 

759,468

 

 

 

797,280

 

Federal Tax Expense as of September 30 (21% Tax Rate)

 

 

(30,719 )

 

 

(30,573 )

Federal Deferred Tax Asset, September 30

 

$728,749

 

 

$776,707

 

State of New Jersey Deferred Tax Asset, January 1

 

 

324,678

 

 

 

341,692

 

State of New Jersey Tax Expense as of September 30 (9% Tax Rate)

 

 

(13,165 )

 

 

(13,103 )

State of New Jersey Deferred Tax Asset, September 30

 

$311,513

 

 

$328,589

 

Total Deferred Tax Asset, September 30

 

$1,040,262

 

 

$1,105,296

 

Total Tax Expense 

 

$43,884

 

 

 

43,676

 

Schedule of reconciliation of Net Income (Loss)

 

 

2024

 

 

2023

 

Net Income/(Loss) before Taxes

 

$(91,498 )

 

$(30,596 )

Stock Awards

 

 

237,780

 

 

 

176,180

 

Taxable Net Income

 

$146,282

 

 

$145,584