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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision Charges

The income tax provision charged to continuing operations for the years ended December 31, 2020 and 2019 was as follows:

		December 31,
		2020				2019
Current:
U.S. federal		$	152,100			$	(152,100	)
State and local			40,400				(40,400	)
		$	192,500			$	(192,500	)
Deferred:
U.S. federal			(70,000	)			70,000
State and local			-				-
		$	(70,000	)		$	70,000
Provision for income taxes			122,500				(122,500	)

Schedule of Provision Differs from the Amount of Income Tax

The provision for income taxes differs from the expected amount of income tax expense (benefit) determined by applying a combined U.S. federal and state (Puerto Rico) income tax rate of 25% to pretax income (loss) for the years ended December 31, 2020 and 2019 as follows:

		December 31,
		2020				2019
Computed “expected” tax expense (benefit)		$	(12,684,000	)		$	(783,000	)
Increase (decrease) in income taxes resulting from:
Permanent differences			7,765,000				7,000
Apportionment of Puerto Rico income			3,607,000				380,000
Nondeductible expenses			140,000				173,000
Change in valuation allowance			1,269,000				148,000
Other			25,500				(47,500	)

Schedule of Net Deferred Tax Liabilities

Net deferred tax liabilities consist of the following components as of December 31, 2020 and 2019:

		December 31,
		2020				2019
Deferred tax Liability:
Other		$	-			$	70,000
			-				70,000
Deferred tax assets:
Stock-based compensation			716,000				716,000
Temporary differences			113,000				44,000
Net operating loss carryforwards			2,151,000				951,000
			2,980,000				1,711,000
Less valuation allowance			(2,980,000	)			(1,711,000	)
		$	-			$	70,000

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- 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
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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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
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