Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The provision for income taxes consists of the following at December 31, 2020 and 2019:
  2020 2019
Current tax provision $ —  $ — 
Deferred tax benefit —  (334,394)
Total tax benefit $ —  $ (334,394)
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:
  2020 2019
Federal statutory rate 21  % 21  %
State income tax rate, net of federal benefit —  % %
Permanent differences % (3  %)
Change in valuation allowance (25  %) (12  %)
  —  % %
Schedule of Deferred Tax Assets and Liabilities
The following is a schedule of the deferred tax assets and liabilities as of December 31, 2020 and 2019:
  2020 2019
Deferred tax assets:    
Net operating loss carry forward $ 36,484,500  $ 32,742,350 
Intangible assets 447,700  686,400 
Accrued expense 211,600  223,100 
Deferred rent 18,000  15,700 
Allowance for doubtful accounts 58,800  61,700 
Other 472,500  258,600 
Subtotal 37,693,100  33,987,850 
Less valuation allowance (35,848,400) (32,075,650)
Total 1,844,700  1,912,200 
Deferred tax liabilities:    
Intangible assets and property and equipment 1,449,900  1,989,800 
Other 501,800  29,400 
Total 1,951,700  2,019,200 
Total deferred tax liabilities $ (107,000) $ (107,000)