General form of registration statement for all companies including face-amount certificate companies

INCOME TAXES (Tables)

v3.23.3
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
SCHEDULE OF DEFERRED TAX ASSETS

 

             
    December 31,  
    2022     2021  
Deferred tax assets:                
Net operating loss carryover   $ 3,871,192     $ 3,302,836  
Stock compensation     477,055       434,645  
Capitalized R&E costs    

260,560

      

—

  
Depreciation and amortization     (7,337 )     1,099  
Other     5,708       3,974  
Tax credits     443,867       484,778  
Total deferred tax assets     5,051,045       4,227,332  
Less: valuation allowance     (5,051,045 )     (4,227,332 )
Net deferred tax assets   $ —     $ —  
SCHEDULE OF RECONCILIATION OF STATUTORY FEDERAL INCOME TAX RATE

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended

December 31, 2022 and 2021, was as follows:

 

             
    Year Ended December 31,  
    2022     2021  
Tax at federal statutory rate     (21.0 )%     (21.0 )%
Permanent differences     10.4       14.8  
Research and development credits     2.2       (1.9 )
Change in valuation allowance     10.1       8.1  
Effective income tax rate     — %     — %
SCHEDULE OF UNRECOGNIZED TAX BENEFITS

 

             
    December 31,  
    2022     2021  
             
Beginning balance   $ 49,646     $ 70,893  
Deductions based on tax positions related to the prior year     110,681       (21,247 )
Additions based on tax positions related to the current year     29,902       —  
Ending balance   $ 190,229     $ 49,646