v3.24.3
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]  
Schedule of Deferred Tax Assets and Liabilities

The Components of the deferred tax assets and liabilities at December 31, 2023 and 2022 were approximately as follows:

 

  

December 31,

2023

  

December 31,

2022

 
Deferred Tax Assets          
Stock based compensation  $142,000   $203,000 
Intangibles   719,000    908,000 
Net operating loss carryforward   10,775,000    8,147,000 
Lease liabilities   80,000    138,000 
Capitalized research expenditures   367,000    354,000 
Bad debt reserve   21,000    - 
Other   9,000    8,000 
Total deferred tax assets   12,113,000    9,758,000 
           
Deferred Tax Liabilities          
Depreciation   (683,000)   (872,000)
Prepaid assets   (47,000)   (34,000)
Right-of-Use asset   (75,000)   (132,000)
Total deferred tax liabilities   (805,000)   (1,038,000)
           
Deferred Tax Assets   11,308,000    8,720,000 
Less: valuation allowance   (11,308,000)   (8,720,000)
Deferred tax asset – net  $-   $- 
Schedule of Income Tax Benefit and Related Valuation Allowance

The components of the income tax benefit and related valuation allowance for the years ended December 31, 2023 and 2022 was approximately as follows:

 

  

December 31,

2023

  

December 31,

2022

 
Current  $-   $- 
Deferred   (2,588,000)   (4,149,000)
Total income tax provision (benefit)   (2,588,000)   (4,149,000)
Less: valuation allowance   2,588,000    4,149,000 
Total Tax Provision  $-   $- 
Schedule of Reconciliation of Provision for Income Taxes

A reconciliation of the provision for income taxes for the years ended December 31, 2023 and 2022 as compared to statutory rates was approximately as follows:

 

  

December 31,

2023

  

December 31,

2022

 
Federal income tax expense (benefit) - 21%  $(2,199,000)  $(3,676,000)
State income tax expense (benefit) - 4.35% - net of federal effect   (455,000)   (761,000)
Permanent differences – net   (25,000)   255,000 
Deferred adjustments   91,000    33,000 
Change in valuation allowance   2,588,000    4,149,000 
Income tax expense (benefit)  $-   $- 
Schedule of Operating Loss Carry Forwards

Federal net operating loss carry forwards at December 31, 2023 and 2022 were approximately as follows:

 

 Schedule of Operating Loss Carry Forwards

December 31, 2023   December 31, 2022 
      
$43,000,000   $33,000,000 
Next NRG Holding Corp [Member]  
Restructuring Cost and Reserve [Line Items]  
Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities at December 31, 2023 and 2022 are approximately as follows:

   December 31, 2023   December 31, 2022 
Deferred Tax Assets          
Net operating loss carryforwards   (112,000)   (3,000)
Total deferred tax assets   (112,000)   (3,000)
Less: valuation allowance   112,000    3,000 
Net deferred tax asset recorded  $-   $- 
Schedule of Reconciliation of Provision for Income Taxes

The Company’s tax expense differs from the “expected” tax expense for the period are approximately as follows:

 

   December 31, 2023   December 31, 2022 
Federal income tax benefit - 21%  $(125,000)  $(3,000)
Non-deductible items   16,000    - 
Subtotal   (109,000)   (3,000)
Change in valuation allowance   109,000    3,000 
Income tax benefit  $-   $-