Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.24.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Continuing Operations [Member]  
SCHEDULE OF PROVISION OF INCOME TAXES

The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes attributable to continuing operations were as follows:

 

    2023     2022  
    Years Ended December 31,  
    2023     2022  
Statutory federal income tax rate     21.0 %     21.0 %
State taxes, net of federal benefit     2.2 %     2.3 %
Non-deductible items     (1.0 )%     (1.1 )%
Change in valuation allowance     (20.5 )%     (22.2 )%
Prior year true up     (1.7 )%     0.0 %
Effective income tax rate     0.0 %     0.0 %
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES

Significant components of the Company’s deferred tax assets and liabilities related to continuing operations are as follows:

 

    2023     2022  
    Years Ended December 31,  
    2023     2022  
Net operating loss carry-forwards   $

30,863

     $ 23,651  
Share based compensation     1,385     1,019  
Long-lived assets     115     663  
Section 174 R&D amortization     1,837       -  
Other temporary differences     426       198  
Less: Valuation allowance     (34,626 )     (25,531 )
Deferred tax assets, net   $ -     $ -  
Discontinued Operations [Member]  
SCHEDULE OF PROVISION OF INCOME TAXES

The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes attributable to discontinued operations were as follows:

SCHEDULE OF PROVISION OF INCOME TAXES

 

    2023     2022  
    Years Ended December 31,  
    2023     2022  
Statutory federal income tax rate     21.0 %     21.0 %
State taxes, net of federal benefit     2.2 %     2.3 %
Goodwill and intangible assets     16.7 %     (13.0 )%
Change in valuation allowance     (39.9 )%     (10.3 )%
Prior year true up     0.0 %     0.0 %
Effective income tax rate     0.0 %     0.0 %

SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES

Significant components of the Company’s deferred tax assets and liabilities related to discontinued operations are as follows:

SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES

 

    2023     2022  
    Years Ended December 31,  
    2023     2022  
Net operating loss carry-forwards   $ -     $ -  
Share based compensation     -       -  
Long-lived assets     -       3,309  
Section 174 R&D amortization     -       -  
Other temporary differences     -       91  
Less: Valuation allowance     -       (3,400 )
Deferred tax assets, net   $ -     $ -