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 components of income tax expense (benefit)

The provision (benefit) for income taxes for the years ended December 31, 2023 and 2022 consist of the following:

  

    2023     2022  
Current taxes from continuing operations:                
Federal   $ -     $ -  
State     8,160       6,768  
Total current     8,160       6,768  
                 
Taxes from discontinued operations(1):                
Federal   5,783       7,615  
State     5,783       7,615  
Tax provision from discontinued operations     13,943       14,838  
                 
Deferred tax asset:                
Federal     (273,400 )     107,700  
State     1,100       18,300  
Change in valuation     (272,300 )     (126,000 )
Total provision (benefit)   $ 13,943     $ 14,383  

 

(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

  

    2023     2022  
Net income (loss) before income tax - continuing operations   $ 3,087,919     $ (605,342 )
US federal income tax rate     21 %     21 %
                 
Computed expected tax (benefit) - continuing operations     648,463       (127,122)  
                 
Net Income (loss) before income tax - discontinued operations (1)     83,682       252,800  
US federal income tax rate   21%       21%  
Computed expected tax (benefit) - discontinued operations   17,573       53,088  
                 
Total computed expected tax (benefit)   666,036       (74,034)  
Permanent differences and other     (393,736)       200,034  
Change in valuation     (272,300)       (126,000)  
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, 2023 and 2022 after applying enacted corporate income tax rates are as follows:

 Schedule of deferred tax assets 

    2023     2022  
Net Operating Losses carried forward from continuing operations   $ 1,913,000     $ 1,851,100  
Capital Losses carried forward     156,600       371,200  
Deferred - Other     -       62,500  
Valuation allowance     (2,069,600 )     (2,284,800 )
Deferred tax assets   $ -     $ -  

 

    2023     2022  
Net Operating Losses carried forward from discontinued operations (1)   $     -     $ 57,100  
Capital Losses carried forward     -       -  
Valuation allowance     -       (57,100)  
Deferred tax assets   $ -     $ -  

 

(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.