Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Components of deferred tax assets and liabilities

Components of the Company's deferred tax assets and liabilities as of September 30, 2021 and December 31, 2020, are as follows:

Deferred Tax Assets and Liabilities
	September 30, 2021		December 31, 2020
Deferred Tax Assets:
Deferred contract revenue	$	1,368,875	$	1,474,962
Net operating loss carryforwards	6,806,350		6,438,628
Capital loss carryforward	92,418		92,418
Other	420		420
Sub-total	$	8,268,063	$	8,006,428
Valuation allowance	(92,418)		(92,418)
Sub-total	$	8,175,645	$	7,914,010
Deferred Tax Liabilities:
Cost recovery of leased and fixed assets	$	(4,048,968)	$	(3,578,283)
Other	(66,438)		(53,151)
Sub-total	$	(4,115,406)	$	(3,631,434)
Total net deferred tax asset	$	4,060,239	$	4,282,576

Total income tax expense

Total income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate of 21 percent for the three and nine months ended September 30, 2021 and 2020 to income (loss) from operations and other income and expense for the periods presented, as follows:                                                                                        

Income Tax Expense (Benefit)
	For the Three Months Ended				For the Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Application of federal statutory income tax rate	$	620,788	$	(838,829)	$	(1,908,472)	$	(63,749,653)
State income taxes, net of federal tax expense	18,817		(9,494)		47,398		15,717
Federal Tax Attributable to Income of Real Estate Investment Trust	(524,193)		773,927		2,144,846		63,720,129
Other	(8,823)		(932)		(20,120)		(160,070)
Total income tax expense (benefit)	$	106,589	$	(75,328)	$	263,652	$	(173,877)

Components of income tax expense

The components of income tax expense (benefit) include the following for the periods presented:

Components of Income Tax Expense (Benefit)
	For the Three Months Ended				For the Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Current tax expense (benefit)
Federal	$	(6,927)	$	(2,431)	$	31,470	$	(414,505)
State (net of federal tax expense (benefit))	—		—		9,843		15,000
Total current tax expense (benefit)	$	(6,927)	$	(2,431)	$	41,313	$	(399,505)
Deferred tax expense (benefit)
Federal	$	94,699	$	(63,403)	$	184,784	$	224,911
State (net of federal tax expense (benefit))	18,817		(9,494)		37,555		717
Total deferred tax expense (benefit)	$	113,516	$	(72,897)	$	222,339	$	225,628
Total income tax expense (benefit), net	$	106,589	$	(75,328)	$	263,652	$	(173,877)