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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Taxes [Abstract]  
Summary of company's benefit for income taxes

 

 

 

2019

 

 

2018

 

 

Deferred:

 

 

 

 

 

 

 

Federal

 

$

(828,472

)

 

$

94,031

 

State and local

 

 

564,363

  

 

 

(449,796

)

 

Total deferred

 

 

(264,109

)  

 

 

(355,765

)

 

Total provision (benefit) for income taxes

 

 

(264,109

)  

 

 

(355,765

)

 

Less: valuation reserve

 

 

264,109

 

 

355,765

 

Income tax provision

 

$

 

 

$

 

Summary of reconciliation of the federal statutory rate

 

 

 

2019


 

2018


 

 

 

 



 

 



 

Benefit for income taxes at federal statutory rate

 

 

21.0

%

 

 

21.0

%

 

State and local income taxes, net of federal benefit

 

 

1.1

 

 

 

7.4

 


Goodwill impairment

(9.1 )



Change in state rate

(11.2 )


 

Less valuation allowance

 

 

(1.8

)  

 

 

(28.4

)

 

Effective income tax rate

 

 

0.0

%

 

 

0.0

%

Schedule of deferred tax assets (liabilities)

 

 

 

2019

 

 

2018

 

 

Net operating loss carryforward

 

$

2,857,456

  

 

$

2,786,519

 

 

Bad debt reserve

 

 

173,840

 

 

 

238,194

 

 

Employee stock compensation

 

 

445,799

 

 

 

364,699

 

 

Intangible assets

 

 

(502,709

)

 

 

(684,722

)

 

Depreciation

 

 

(850

 

 

(2,548)

 


Accrued expenses 

82,628


89,861

 

Charity

 

 

181

 

 

 

233

 

 

Net deferred tax asset

 

 

3,056,345

 

 

 

2,792,236

 

 

Valuation allowance

 

 

(3,056,345

)

 

 

(2,792,236

)

 

Net deferred tax asset

 

$

 

 

$