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 EFFECTIVE INCOME TAX RATE TO THE FEDERAL STATUTORY RATE

The reconciliation of the effective income tax rate to the federal statutory rate is as follows:

 

    2022     2021  
    Years Ended December 31,  
    2022     2021  
Federal income tax rate     (21 )%     (21 )%
State tax, net of federal benefit     (7 )%     (7 )%
Carryback net operating loss     — %     — %
Change in valuation allowances     28 %     28 %
Effective income tax rate     - %     - %
SCHEDULE OF EFFECTIVE INCOME TAX RATE TO THE FEDERAL STATUTORY RATE

The reconciliation of the effective income tax rate to the federal statutory rate is as follows:

 

    2022     2021  
    Years Ended December 31,  
    2022     2021  
Federal income tax rate     (21 )%     (21 )%
State tax, net of federal benefit     (7 )%     (7 )%
Carryback net operating loss     — %     — %
Change in valuation allowances     28 %     28 %
Effective income tax rate     - %     - %
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

 

   

December 31,

2022

    

December 31,

2021

  
Deferred tax assets:                
Inventory valuation   $ 1,462     $ 1,373  
Accrued liabilities and other reserves     254       257  
Operating lease liability     75       277  
Net operating loss carryforwards     3,262       3,158  
Gross deferred tax assets     5,053       5,065  
Valuation allowance     (4,863 )     (4,701 )
Total deferred tax assets     190       364  
Deferred tax liabilities:                
Operating lease right-of-use asset, net     (67 )     (128 )
Depreciation     (123 )     (236 )
Total deferred tax liabilities     (190 )     (364 )
Net deferred tax asset (liability)   $ —     $ —