Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of components of the income taxes
    2021     2020  
Current                
   State and local   $ 144,000     $ (34,000 )
   Federal     2,808,000       (430,000 )
Total Current Tax Expense (Benefit)   $ 2,952,000     $ (464,000 )
                 
Deferred                
   State and local     83,000       (32,000 )
   Federal     1,425,000       (458,000 )
Total Deferred Tax Expense (Benefit)     1,508,000       (490,000 )
                 
Total Income Taxes   $ 4,460,000     $ (954,000 )
Schedule of components of deferred tax assets
Schedule of components of deferred tax assets   2021     2020  

Deferred tax assets (liability):
Net operating loss carry forwards

  $
    $ 1,665,000  
                 
Deferred Tax Liability(1)     (554,000 )     (711,000 )
                 
Total deferred tax assets (liability)   $ (554,000 )   $ 954,000  

_________________________

(1)   Deferred tax liability as a result of a temporary difference related to the Company’s equity method investment.
Schedule of reconciliation of income tax
  Years Ended  
   

December 31,

 
   

2021

   

2020

 
             
Income tax - statutory rate     21.00 %     21.0 %
Permanent difference     1.69 %     (5.05 )%
State and other     1.11 %     1.48 %
Valuation allowance on deferred tax assets     %     18.4 %
  Total     23.80 %     35.83 %