Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets

Deferred tax assets were comprised of the following as of December 31, 2020 and 2019:

 

    2020     2019  
             
Allowance for doubtful accounts   $ -     $ 3,000  
Accrued expenses     105,000       97,000  
Current deferred tax asset     105,000       100,000  
                 
Intangible and fixed assets     110,000       79,000  
NOL carryforward     5,408,000       4,660,000  
Long-term deferred tax asset     5,518,000       4,739,000  
                 
Total deferred tax asset     5,623,000       4,839,000  
Less valuation allowance     (5,623,000 )     (4,839,000 )
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% for December 31, 2020 and 2019, as follows:

 

    2020     2019  
             
Income tax benefit   $ 573,000     $ 655,000  
Non-deducible items     28,000       48,000  
State and other benefits included in valuation     196,000       319,000  
                 
Exclusion of losses of pass-through entity     (13,000 )     (75,000 )
Change in valuation allowance     (784,000 )     (947,000 )
Income tax benefit   $ -     $ -