Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of statutory federal income tax rate and effective rate
    Year ended  
    December 31,
2021
    December 31,
2020
 
Federal statutory rate     21.00 %     21.00 %
Stock Options     (2.43 %)     (2.84 %)
Impairment charges     (1.67 %)     0.00 %
Other Permanent Items     (0.60 %)     0.00 %
State Taxes     2.78 %     4.10 %
Increase in VA     (18.61 %)     (22.25 %)
Other     0.00 %     0.00 %
Effective tax rate     0.48 %     0.00 %

 

Schedule of tax expense (benefit)
    Current     Deferred     Total  
Federal    
      (39,545 )     (39,544 )
State and Local    
      (54,532 )     (54,532 )
Total    
      (94,077 )     (94,076 )

Schedule of deferred tax assets & liabilities (rounded)
    Deferred Tax Asset  
    2021     2020  
Net operating loss carry-forward     9,670,286       5,995,828  
Accrued Expenses     116,147       62,659  
Lease Liability     64,623      
 
Less: valuation allowance     (9,692,143 )     (6,058,191 )
Total tax assets   $ 158,913     $ 296  
Fixed Asset     (1,663 )    
 
Intangible assets     (117,340 )     (296 )
ROU Assets     (63,309 )    
 
Total deferred tax labilities     (182,312 )     (296 )
Net deferred tax asset (liability)     (23,399 )