Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets

Deferred tax assets were comprised of the following as of December 31, 2019 and 2018:

 

    2019     2018  
             
Allowance for doubtful accounts   $ 3,000     $ 58,000  
Accrued expenses     97,000       110,000  
Current deferred tax asset     100,000       168,000  
                 
Intangible and fixed assets     79,000       (263,000 )
NOL carryforward     4,660,000       3,988,000  
Long-term deferred tax asset     4,739,000       3,725,000  
                 
Total deferred tax asset     4,839,000       3,892,000  
Less valuation allowance     (4,839,000 )     (3,892,000 )
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, 2019 and 2018, respectively, as follows:

 

    2019     2018  
             
Income tax benefit   $ 655,000     $ 793,000  
Non-deducible items     48,000       34,000  
State and other benefits included in valuation     319,000       32,000  
Provisional impact of the TCIA     -       -  
Exclusion of losses of pass through entity     (75,000 )     (89,000 )
Change in valuation allowance     (947,000 )     (770,000 )
Income tax benefit   $ -     $ -