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 income tax benefits
    December 31,  
    2020     2019  
Current            
Federal   $
-
    $
-
 
State     34,951       (858 )
Sub-total     34,951       (858 )
                 
Deferred                
Federal     (813,189 )     (149,308 )
State     (23,314 )     6,264  
Sub-total     (836,503 )     (143,044 )
Total income tax   $ (801,552 )   $ (143,902 )

Schedule of effective income tax rate reconciliation
    December 31,  
    2020     2019  
Federal statutory rate     21.00 %     21.00 %
Permanent items     48.70 %     (2.71 )%
State and local taxes, net of federal taxes     1.91 %     (0.85 )%
Deferred rate changes     0.08 %     0.03 %
Amortizable start-up costs and other     (132.77 )%     0.93 %
      (61.08 )%     18.40 %

 

Schedule of net deferred tax (liabilities)/assets
    December 31,  
    2020     2019  
Inventory capitalization   $ 2,100     $ 2,300  
Allowance for doubtful accounts     107,400       107,400  
Accrued expenses     110,400       138,100  
Charitable contribution    
-
      5,300  
Net operating loss carryforward     613,700       1,814,300  
Accumulated depreciation     (2,428,200 )     (2,330,900 )
Deferred revenue     1,027,200       526,800  
Start-up costs     1,667,200      
-
 
Deferred tax assets, net   $ 1,099,800     $ 263,300