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Income Taxes | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 14 — INCOME TAXES The income tax provision reconciled to the tax computed at the statutory from continuing operations Federal rate follows:
|  | 2019 |  |  | 2018 |
Tax Expense at Statutory Rate |  | $ | 626,468 |  |  | $ | 150,855 |
Valuation Allowance |  |  | (631,775 | ) |  |  | (152,043 | )
Non-Deductible Expenses and Other |  |  | 5,307 |  |  |  | 1,189 |
Tax Reform Revaluation, Net of Valuation Allowance |  |  | - |  |  |  | 21,915 |
State Taxes, Net of Federal Benefit |  |  | 95,116 |  |  |  | 38,756 |
Income tax expense |  | $ | 95,116 |  |  | $ | 60,672 |
Current |  | $ | 95,116 |  |  | $ | 60,672 |
Total |  | $ | 95,116 |  |  | $ | 60,672 |
Deferred income taxes are comprised of the following at December 31, 2019 and 2018:
|  | 2019 |  |  | 2018 |
Deferred tax assets (liabilities): |  |  |  |  |  |  |  |
Inventories |  | $ | 21,495 |  |  | $ | 27,524 |
Stock options and other |  |  | 57,019 |  |  |  | 57,019 |
Contingencies and accruals |  |  | 32,154 |  |  |  | 18,882 |
Property and equipment |  |  | (180,300 | ) |  |  | (97,897 | )
Net operating loss carryforward |  |  | 6,765,424 |  |  |  | 7,251,479 |
Goodwill and intangibles |  |  | 34,328 |  |  |  | - |
Total deferred tax assets, net |  |  | 6,730,120 |  |  |  | 7,257,007 |
Valuation allowance |  | $ | (6,730,120 | ) |  | $ | (7,257,007 | )
Net Deferred tax asset |  |  | - |  |  |  | - |
As of December 31, 2019, the Company had $2,729,636 of net operating loss carry-forwards, related to the Superior Galleries acquisition which may be available to reduce taxable income in future years, subject to the applicable Internal Revenue Code Section 382 limitations. As of December 31, 2019, the Company had approximately $34,474,000 of net operating loss carry-forwards related to Superior Galleries’ post acquisition operating losses and other operating losses incurred by the Company’s other operations. These carry-forwards will expire, starting in 2026 if not utilized. As of December 31, 2019, the Company determined based on consideration of all available evidence, including but not limited to historical, current and future anticipated financial results as well as applicable IRS limitations and expiration dates related to the Company’s net operating losses, a full valuation allowance should be recorded for its net deferred tax assets.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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