Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.24.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
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:

SCHEDULE OF EFFECTIVE INCOME TAX RATE TO THE FEDERAL STATUTORY RATE

 

                 
    Years Ended December 31,  
    2023     2022  
Federal income tax rate     (21 )%     (21 )%
State tax, net of federal benefit     (7 )%     (7 )%
Valuation allowance     28 %     28 %
Effective income tax rate     - %     - %
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

 

                 
   

December 31,

2023

    

December 31,

2022

  
Deferred tax assets:                
Inventory valuation   $ 977     $ 1,462  
Accrued liabilities     256       254  
Operating lease liability     834       75  
Net operating loss carryforwards     5,065       3,262  
Gross deferred tax assets     7,132       5,053  
Valuation allowance     (6,737 )     (4,863 )
Total deferred tax assets     395       190  
Deferred tax liabilities:                
Operating lease right-of-use asset, net     (395 )     (67 )
Depreciation     -       (123 )
Total deferred tax liabilities     (395 )     (190 )
Net deferred tax asset (liability)   $ —     $ —