Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of C Corporation and Subject to Federal and State Corporate Income Taxes

The Company is currently taxable as a C corporation and subject to federal and state corporate income taxes. The Company recorded a provision as follows:

	2023		2022		2021
Current expense	$	64,993	$	-	$	-
Deferred expense		-		-		-
Total expense	$	64,993	$	-	$	-

Schedule of Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities at December 31, 2023, 2022 and 2021 were as follows:

Deferred tax assets:	2023			2022			2021
Net operating loss carryforward	$	641,502		$	1,207,956		$	929,161
Net capital loss carryforwards		651,514			651,262			1,568,604
Other		3,476			3,475			181,375
Basis differences in investments		730,130			117,820			716,075
Total gross deferred tax assets		2,026,622			1,980,513			3,395,215
Less: Valuation allowance		(2,026,622	)		(1,980,513	)		(3,395,215	)
Net deferred tax assets	$	-		$	-		$	-

Schedule of Difference between the Tax Provision (Benefit) at the Statutory Federal Income Tax Rate and the Tax Provision (Benefit)

The difference between the tax provision (benefit) at the statutory federal income tax rate and the tax provision (benefit) was as follows:

	2023			2022			2021
Federal statutory tax rate		21.00	%		21.00	%		21.00	%
Federal payable true up		-			-			-
State tax, net of federal benefit		(7.25	)		-			-
Permanent items		-			-			-
Capital loss carryforward expiration		-			-			9.11
Deferred true-up		(30.33	)		0.29			-
Rate change		-			-			-
Increase (decrease) in valuation allowance		(40.48	)		(21.29	)		(30.11	)
Other		-			-			-
Effective tax rate		(57.06	)%		-	%		-	%

PRINCETON CAPITAL CORP 10-K/A