Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2019
INCOME TAXES (Tables)  
Significant components of the income taxes

 

2019

 

2018

 

Current

 

State and local

 

$

50,000

 

$

82,000

 

Federal

 

(197,000

)

 

2,226,000

 

Total Current Tax Expense

 

$

(147,000

)

 

$

2,308,000

 

Deferred

 

State and local

 

 

 

Federal

 

168,000

 

 

Total Deferred Tax Expense

 

168,000

 

 

Total Income Taxes

 

$

21,000

 

$

2,308,000

 

Significant components of deferred tax assets

 

 

2019

 

2018

Deferred tax assets:Net operating loss carry forwards

 

$

490,000

 

 

Stock options and restricted stock unitsnot yet deducted for tax purposes

 

 

 

$

168,000

 

Valuation Allowance

 

(490,000

)

 

 

Total deferred tax assets

 

$

 

$

168,000

 

Significant components of federal income tax

 

 

Years Ended

 

December 31,

 

2019

 

2018

 

Income tax - statutory rate

21.0%

 

21.0%

State and local, net

(2.82)%

 

1.75%

Adjustment of tax liability

11.11%

 

Net deferred tax provision

(2.85)%

 

Other

0.01%

 

0.30%

Valuation allowance on deferred tax assets

(27.63)%

 

Total

(1.18)%

 

23.05%