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

Income tax (Tables)

v3.22.4
Income tax (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Reconciliation Income Tax Net Expenses

A reconciliation between expected income taxes, computed at the federal income tax rate of 21% applied to the pretax accounting loss, and our blended state income tax rate of 3.5%, and the income tax net expense included in the consolidated statements of operations for the year ended December 31, 2021 and December 31, 2020 is as follows:

 

    Year Ended     Year Ended  
    December 31,     December 31,  
    2021     2020  
         
Loss for the year   $ (3,746,138 )   $ (1,542,906 )
               
Income tax (recovery) at statutory rate   $ (786,700 )     -
State income tax expense, net of federal tax effect     (131,100 )     -  
Permanent difference and other     -       -  
Change in valuation allowance     917,800       -  
Income tax expense per books   $ -     $ -  
Schedule of Net Deferred Tax Assets

Net deferred tax assets consist of the following components as of:

 

    December 31,     December 31,  
    2021    

2020

 
               
Non-operating loss carryforward   $ 917,800     $            -  
Valuation allowance     (917,800 )     -  
Net deferred tax asset   $ -     $ -