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Note 11 - Income Tax Benefit (As Restated) (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

		December 31,
		(As Restated)
		2020				2019
Income tax (provision) benefit:
Current federal income tax expense (benefit)		$	(44,486	)		$	513,201
Current state income tax expense (benefit)			(12,894	)			161,781
Deferred federal income tax expense (benefit)			(1,579,511	)			1,470,099
Deferred state income tax expense (benefit)			2,224,254				463,432
Total Income Tax Benefit Before Valuation Allowance			587,363				2,608,513
Valuation allowance			(587,363	)			(2,608,513	)
Deferred tax assets:
Net operating loss carryforward - all as of December 31, 2019		$	-			$	8,576,397
Net operating loss carryforward - federal as of December 31, 2020			5,278,699				-
Net operating loss carryforward - state as of December 31, 2020			1,833,257				-
2020 Tax credit carryforwards as of December 31, 2020			366,366				-
Intangibles			47,731				-
Lease liabilities			14,064,430				-
Premium adjustments and IBNR			776,456				-
Unrealized loss on securities			1,126,052				-
Valuation allowance			(7,230,229	)			(6,642,866	)
Net Deferred Tax Assets		$	16,262,762			$	1,933,531
Deferred tax liabilities:
Property and equipment		$	(1,754,929	)		$	-
Right of use assets			(14,311,642	)			-
Deferred acquisition costs			(187,002	)			-
Investment in unconsolidated subsidiaries			(9,189	)			-
Unrealized loss on securities			-				(1,732,696	)
Other			-				(200,835	)
Total Deferred Tax Liabilities			(16,262,762	)			(1,933,531	)
Net Deferred Tax Assets/Liabilities		$	-			$	-

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		For the Year Ended December 31,
		(As Restated)
		2020				2019
Tax at statutory rate		$	(280,069	)		$	-
Increase (decrease):			-
Permanent differences			5,422				-
State income tax expense (benefit), net of federal income taxes			(12,894	)			-
Other			(299,822	)			-
Less: valuation allowance			587,363				-
Income tax benefit		$	-			$	-

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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X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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No definition available.

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