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 Components of Income Tax Expense (Benefit)
The provision for income taxes consists of the following at December 31, 2019 and 2018:
  2019 2018
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:
  2019 2018
Federal statutory rate 21  % 21  %
State income tax rate, net of federal benefit % (1  %)
Permanent differences (3  %) (2  %)
Change in valuation allowance (12  %) (18  %)
  % —  %
Schedule of Deferred Tax Assets and Liabilities
The following is a schedule of the deferred tax assets and liabilities as of December 31, 2019 and 2018:
  2019 2018
Deferred tax assets:    
Net operating loss carry forward $ 32,742,350    $ 31,473,506   
Intangible assets 686,400    863,400   
Accrued expense 223,100    142,000   
Deferred rent 15,700    27,000   
Allowance for doubtful accounts 61,700    17,500   
Other 258,600    140,300   
Subtotal 33,987,850    32,663,706   
Less valuation allowance (33,987,850)   (32,663,706)  
Total —    —   
Deferred tax liabilities:    
Intangible assets and property and equipment 1,989,800    2,162,500   
Other 29,400    177,332   
Total 2,019,200    2,339,832   
Total deferred tax liabilities $ (2,019,200)   $ (2,339,832)