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Income Taxes

12 Months Ended

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

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