Annual report pursuant to Section 13 and 15(d)

INCOME TAX (Tables)

v3.24.1
INCOME TAX (Tables)
 12 Months Ended
Dec. 31, 2023
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,
2023 2022
Computed “expected” tax benefit (3,074,000) 21.00  % (2,722,000) 21.00  %
Increase (reduction) in income taxes resulting from):
State tax, net of federal benefit —  —  % (1,024,900) 7.95  %
Permanent items (80,500) 0.55  % —  —  %
Stock-based compensation 221,200  (1.51) %
Research and development credits (241,800) 1.65  % (224,100) 1.70  %
Other 130,600  (0.89) % (2,000) —  %
Change in valuation allowance 3,044,500  (20.80) % 3,973,000  (30.65) %
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:

2023 2022
Deferred tax assets (liabilities):
Net operating loss carryforwards
 $ 5,799,000  $ 4,115,800 
Research and development credits
 619,000  377,200 
Stock based compensation 647,000  349,900 
Sec. 174 2,027,200  1,032,700 
Other
 —  172,100 
Total deferred tax assets
 9,092,200  6,047,700 
Valuation Allowance
 (9,092,200) (6,047,700)
Net Deferred Tax Assets
 —  —