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Note 10 - Income Tax Benefit (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		December 31,
		2019				2018
Current tax benefit:
Federal		$	513,201			$	1,873,248
State			161,781				683,290
Total			674,982				2,556,538
Deferred tax benefit (expense):
Federal			1,470,099				29,152
State			463,432				10,634
Total			1,933,531				39,786
Total Income Tax Benefit Before Valuation Allowance			2,608,513				2,596,324
Valuation allowance			(2,608,513	)			(2,596,324	)
Total Income Tax Benefit		$	-			$	-
Deferred tax assets:
Net operating loss carryforward		$	8,576,397			$	5,967,884
Less valuation allowance			(6,642,866	)			(5,967,884	)
Total Deferred Tax Assets			1,933,531				-
Deferred tax liabilities:
Unrealized gains on securities			(1,732,696	)			-
Other			(200,835	)			-
Total Deferred Tax Liabilities			(1,933,531	)			-
Net Deferred Tax Assets/Liabilities		$	-			$	-

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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- References

No definition available.

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