Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.19.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of deferred tax assets

Deferred tax assets were comprised of the following as of December 31, 2018 and 2017:

 

    2018   2017
         
Allowance for doubtful accounts   $ 58,000     $ 118,000  
Accrued expenses     110,000       99,000  
Current deferred tax asset     168,000       217,000  
                 
Intangible and fixed assets     (263,000 )     141,000  
NOL carryforward     3,988,000       3,162,000  
Long-term deferred tax asset     3,725,000       3,303,000  
                 
Total deferred tax asset     3,892,000       3,520,000  
Less valuation allowance     (3,892,000 )     (3,520,000 )
                 
Net deferred tax asset   $ —       $ —    

 

Schedule of benefit for income taxes

The benefit for income taxes differed from the amount computed using the U.S. federal income tax rate of 21% and 34% for December 31, 2018 and 2017, respectively, as follows:

 

    2018   2017
         
Income tax benefit   $ 838,000     $ 1,060,000  
Non-deductible items     (25,000 )     (93,000 )
State and other benefits included in valuation     32,000       41,000  
Provisional impact of the TCJA     —         (1,614,000 )
Change in valuation allowance     (845,000 )     606,000  
Income tax benefit   $ —       $ —