Annual report pursuant to Section 13 and 15(d)

INCOME TAX (Tables)

v3.22.4
INCOME TAX (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
Income tax expense attributable to pretax loss from continuing operations differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pretax loss from continuing operations as a result of the following:
For the Years ended December 31,
2022 2021
Computed “expected” tax benefit (2,722,000) 21.00  % (930,000) 21.00  %
Increase (reduction) in income taxes resulting from):
State tax, net of federal benefit (1,024,900) 7.95  % (178,800) 4.04  %
Permanent items —  —  % 393,400  (8.88) %
State research and development credits (224,100) 1.70  % (6,200) 0.14  %
Change in valuation allowance 3,973,000  (30.65) % 726,800  (16.41) %
Other (2,000) —  % (5,200) 0.11  %
Total —  —  % —  —  %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below as of December 31:

2022 2021
Deferred tax assets (liabilities):
Net operating loss carryforwards
 $ 4,115,800  $ 1,982,000 
Research and development credits
 377,200  33,200 
Stock based compensation 349,900  — 
Sec. 174 1,032,700  — 
Other
 172,100  59,500 
Total deferred tax assets
 6,047,700  2,074,700 
Valuation Allowance
 (6,047,700) (2,074,700)
Net Deferred Tax Assets
 —  —