Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of components of the income taxes
               
    2022     2021  

 

Current

     
State and local   $     $ 144,000  
Federal           2,808,000  
Total Current Tax Expense (Benefit)   $     $ 2,952,000  
                 
Deferred                
State and local        56,000       83,000  
Federal     551,000       1,425,000  
Total Deferred Tax Expense     607,000       1,508,000  
                 
Total Income Taxes   $ 607,000     $ 4,460,000  
Schedule of components of deferred tax assets and liability
               
    2022     2021  
Deferred tax assets (liability):
         Net operating loss carryforward
  $ 477,000     $
 
         Capital loss carryforward     331,000        
         Stock options and RSU     30,000        
Valuation allowance (838,000 )
                 
                 
        Deferred Tax Liability(1)     (1,161,000 )     (554,000 )
Total deferred tax liability   $ (1,161,000 )   $ (554,000 )

_________________________

(1) Deferred tax liability primarily as a result of a temporary difference related to the Company’s equity method investment.

Schedule of reconciliation of income tax
Schedule of reconciliation of income tax  
    Years Ended  
   

December 31,

 
   

2022

   

2021

 
 
Income tax - statutory rate     21.00%       21.00%  
Permanent differences     (8.40)%       1.69%  
Change in valuation allowance     (48.79)%       —%  
State     1.28%       1.11%  
Other     (0.43)%       %  
  Total     (35.34)%       23.80%