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 Components of Income Tax Expense (Benefit)
The provision for income taxes consists of the following at December 31, 2018 and 2017:
 
2018
 
2017
Current tax provision
$

 
$
(91,477
)
Deferred tax benefit

 
(1,406,599
)
Total tax benefit
$

 
$
(1,498,076
)
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the expected Federal statutory rate to our actual rate as reported for each of the periods presented is as follows:
 
2018
 
2017
Federal statutory rate
21
%
 
34
%
State income tax rate, net of federal benefit
(1
%)
 
4
%
Permanent differences
(2
%)
 
(2
%)
Impact in changes in tax law
%
 
22
%
Change in valuation allowance
(18
%)
 
(25
%)
 
%
 
33
%
Schedule of Deferred Tax Assets and Liabilities
The following is a schedule of the deferred tax assets and liabilities as of December 31, 2018 and 2017:
 
2018
 
2017
Deferred tax assets:
 
 
 
Net operating loss carry forward
$
31,473,506

 
$
29,622,135

Intangible assets
863,400

 
1,278,900

Stock based expenses

 
1,176,900

Accrued expense
142,000

 
362,000

Deferred rent
27,000

 
33,400

Allowance for doubtful accounts
17,500

 
23,200

Other
140,300

 
7,200

Subtotal
32,663,706

 
32,503,735

Less valuation allowance
(32,663,706
)
 
(32,503,735
)
Total

 

Deferred tax liabilities:
 

 
 

Intangible assets and property and equipment
2,162,500

 
2,307,600

Other
177,332

 
24,300

Total
2,339,832

 
2,331,900

Total deferred tax liabilities
$
(2,339,832
)
 
$
(2,331,900
)