v3.24.4
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

Note 11 – Income Taxes

 

The components of the provision for income taxes were as follows:

 

     
Current:     
Federal  $– 
State   50 
Foreign   379,246 
Total Current   379,296 
Deferred:     
Federal   – 
State  – 
Foreign   15,870 
Total Deferred    15,870 
Total  $395,166 

 

The Company’s effective tax rate differs from the federal statutory rate as follows:

 

          
Pre-Tax Book Income  $(826,953)  $20.14% 
State Taxes   50    0.00% 
Permanent Adjustments   56,812    -1.38% 
Change in Valuation Allowance   860,705    -20.96% 
Foreign Tax Rate Differential   –    0.00% 
Rate Change   167,676    -4.08% 
Provision to Return Adjustments   67,144    -1.63% 
Other   69,732    -1.70% 
Total  $395,166   $-9.62% 

 

The components of the net deferred tax assets and liabilitie were as follows:

 

    
Deferred Tax Assets:    
Net Operating Loss, Credits and Carryforwards  $5,277,829 
Fixed Assets   – 
Intangibles   641,800 
Research and Development   25,327 
Other DTA   454,890 
Lease Liability   174,292 
Valuation Allowance   (6,397,374)
Deferred Tax Assets   176,764 
Deferred Tax Liabilities:     
Fixed Assets   

(54,095

)
Intangibles   – 
Right-of-Use Asset   (171,396)
Deferred Tax Liabilities   (225,491)
Net Deferred Tax Liability  $(48,727)