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 Asset Net

The Company has the following net deferred tax asset:

 

    As of
December 31, 2022
    As of
December 31, 2021
 
Temporary Differences   $ 247,534      $ 232,327  
Unrealized gains    

120,135

      84,399  
Impairment losses on investment    

324,364 

      208,471  
Net operating loss carryforward    

286,626 

      339,152  
Total gross deferred tax assets    

(978,659

)     (864,349 )
                 
Net deferred tax assets   $ -     $ -  
Summary of Reconciliation of Statutory Federal Income Tax Rate

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:

 

    For the Year ended
December 31, 2022
    For the Year ended
December 31, 2021
 
             
Expected federal statutory rate     (21 )%     (21 )%
State Effect on tax rate, net of federal benefit     (4.35 )%     (4.35 )%
Permanent differences     (5.75 )%     (5.75 )%
Change in valuation allowance     31.1 %     31.1 %
                 
Income tax provision (benefit)     -       -