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 income tax (benefit) provision

The income tax (benefit) provision consists of the following:

    2022       2021  
    For The Years Ended  
    December 31  
    2022       2021  
Federal:                
Current   $ —     $ —  
Deferred     —       —  
State and local:                
Current     —       —  
Deferred     —       —  
Income tax provision   $ —     $ —  

Schedule of Effective Income Tax Rate Reconciliation

For the years ended December 31, 2022 and 2021, the expected tax benefit based on the statutory rate reconciled with the actual benefit is as follows:

 

                 
  For The Years Ended December 31,  
  2022     2021  
U.S. federal statutory rate     21.0 %     21.0 %
State tax rate, net of federal benefit     5.3 %     5.3 %
Permanent differences                
Non-deductible expenses     (9.7 )%     (10.5 )%
Timing differences     (0.0 )%     0.6 %
Change in valuation allowance     (16.6 )%     (16.4 )%
Income tax provision     0.0 %     0.0 %
Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2022 and 2021, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following:

 

                 
  As of December 31,  
  2022     2021  
Deferred tax assets:                
Net operating loss carryforwards   $ 4,112     $ 3,326  
Other     6       4  
Total deferred tax assets     4,118       3,330  
Valuation allowance     (4,118 )     (3,330 )
Deferred tax assets, net of valuation allowance   $ —     $ —  
Deferred tax liabilities:            
Property and equipment, net     —       —  
Total deferred tax liabilities     —       —  
Net deferred tax liabilities   $ —     $ —