Annual report [Section 13 and 15(d), not S-K Item 405]

Income tax (Tables)

v3.25.1
Income tax (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense (benefit)

The provision (benefit) for income taxes for the years ended December 31, 2024 and 2023 consist of the following:

 

    2024     2023  
Current taxes from continuing operations:                
Federal   $ -     $ -  
State     15,329       8,160  
Total current     15,329     8,160  
                 
Taxes from discontinued operations(1):                
Federal   -       -  
State   -       5,783  
Tax provision plus discontinued operations (1)   15,329       13,943  
                 
Deferred tax asset:                
Federal     98,300       (273,400 )
State     (156,600 )     1,100  
Change in valuation     58,300     (272,300 )
Total provision (benefit)   $ 15,329     $ 13,943  

 

(1) We sold our entire ownership interest in WCI on October 4, 2023 and as a result WCI is excluded from our continuing operations and presented as discontinued operations. See Note 3.
Schedule of income tax rate reconciliation

 

    2024     2023  
Net income (loss) before income tax - continuing operations   $ (824,176 )   $ 3,087,919  
US federal income tax rate     21 %     21 %
                 
Computed expected tax (benefit) - continuing operations     (173,077 )     648,463  
                 
Net Income (loss) before income tax - discontinued operations (1)     -       83,682  
US federal income tax rate     21 %     21 %
Computed expected tax (benefit) - discontinued operations     -       17,573  
                 
Total computed expected tax (benefit)     (173,077 )     666,036  
Permanent differences and other   114,777       (393,736 )
Change in valuation     58,300     (272,300 )
Federal income tax provision   $ -     $ -  

 

(1) We sold our entire ownership interest in WCI on October 4, 2023 and as a result WCI is excluded from our continuing operations and presented as discontinued operations. See Note 3.
Schedule of deferred tax assets

The significant components of deferred income tax assets as of December 31, 2024 and 2023 after applying enacted corporate income tax rates are as follows:

 

    2024     2023  
Net Operating Losses carried forward from continuing operations   $ 1,957,000     $ 1,913,000  
Capital Losses carried forward     -       156,600  
Deferred - Other     54,000       -  
Valuation allowance     (2,011,000 )     (2,069,600 )
Deferred tax assets   $ -     $ -