Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Deferred Tax Liabilities

Significant items making up the deferred tax assets and deferred tax liabilities as of December 31, 2022 and 2021 are as follows:

 

    2022     2021  
Long term deferred taxes:                
Inventory reserve   $ 268,548     $ 93,570  
Other accruals     99,362       91,792  
Other     15,715       15,169  
Non-cash, stock-based compensation, nonqualified     872,967       814,202  
Impairment loss on investment     104,609       104,609  
Operating loss carry forwards and tax credits     31,026,899       28,435,535  
Less: valuation allowance     (32,388,100 )     (29,554,877 )
Total net deferred tax assets   $ -     $ -  
Schedule of U.S. Federal Statutory Tax Rate to Effective Income Tax Rate

The following table reconciles the U.S. Federal statutory tax rate to the Company’s effective tax rate:

Schedule of U.S. Federal Statutory Tax Rate to Effective Income Tax Rate

    2022     2021  
Statutory U.S. Federal tax rate     21 %     21 %
Permanent differences     (0 )     (0 )
State tax expense     (0 )     (0 )
Refundable AMT and R&D tax credit     (0 )     (0 )
Valuation allowance     (21 )     (21 )
Effective tax rate     0 %     0 %