XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.23.1

Income Taxes | 3 Months Ended
--- | ---
Mar. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Note 8. Income Taxes As a REIT, we generally will not be subject to U.S. federal income tax on taxable income that we distribute to our stockholders. We have filed an election to treat our TRS as a taxable REIT subsidiary effective January 1, 2014. In general, our TRS performs additional services for our customers and provides the advisory and property management services to the Managed REITs and otherwise generally engages in any real estate or non-real estate related business. The TRS is subject to corporate U.S. federal and state income tax. Additionally, we own and operate a number of self storage properties located throughout Canada, the income of which is generally subject to income taxes under the laws of Canada. The following is a summary of the Company's income tax expense (benefit) for the three months years ended March 31, 2023 and 2022:
|  | For the three months ended March 31, 2023 |
|  | Federal |  |  | State |  |  | Canadian |  |  | Total |
Current |  | $ | 51,557 |  |  | $ | 9,277 |  |  | $ | 96,099 |  |  | $ | 156,933 |
Deferreds |  |  | (2,619 | ) |  |  | (399 | ) |  |  | 123,305 |  |  |  | 120,287 |
Total |  | $ | 48,938 |  |  | $ | 8,878 |  |  | $ | 219,404 |  |  | $ | 277,220 |
|  | For the three months ended March 31, 2022 |
|  | Federal |  |  | State |  |  | Canadian |  |  | Total |
Current |  | $ | 67,090 |  |  | $ | 12,450 |  |  | $ | - |  |  | $ | 79,540 |
Deferreds |  |  | (37,519 | ) |  |  | (5,717 | ) |  |  | 284,824 |  |  |  | 241,588 |
Total |  | $ | 29,571 |  |  | $ | 6,733 |  |  | $ | 284,824 |  |  | $ | 321,128 |
The major sources of temporary differences that give rise to the deferred tax effects are shown below:
|  | March 31, 2023 |  |  | December 31, 2022 |
Deferred tax liabilities: |  |  |  |  |  |
Intangible contract assets |  | $ | (27,166 | ) |  | $ | (30,184 | )
Canadian real estate |  |  | (10,230,229 | ) |  |  | (10,123,376 | )
Total deferred tax liability |  |  | (10,257,395 | ) |  |  | (10,153,560 | )
Deferred tax assets: |  |  |  |  |  |
Other |  |  | 77,437 |  |  |  | 90,563 |
Canadian non-capital losses |  |  | 7,800,094 |  |  |  | 7,935,309 |
Total deferred tax assets |  |  | 7,877,531 |  |  |  | 8,025,872 |
Valuation allowance |  |  | (3,954,411 | ) |  |  | (4,077,932 | )
Net deferred tax liabilities |  | $ | (6,334,275 | ) |  | $ | (6,205,620 | )
The Canadian non-capital losses expire between 2032 and 2042. The valuation allowance is associated with the Canadian non-capital losses.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration