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FEDERAL AND STATE INCOME TAXES (Tables) | 10 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Schedule of provision (benefit) for income taxes | The provision (benefit) for income taxes at December 31, 2017, and February 28, 2017 consisted of:
|  | December 31, 2017 |  | February 28, 2017 |
State income tax: |  |  |  |  |
Current, net of refund |  | $ | 1,670 |  | $ | 2,004 |
Federal income (benefit) tax: |  |  |  |  |  |  |
Deferred |  |  | (47,327 | ) |  | (40,689 | )
Current |  |  | 448,220 |  |  | (203,015 | )
Total |  | $ | 402,563 |  | $ | (241,700 | )
Schedule of reconciliation of income taxes | The reconciliation of income taxes shown in the financial statements and amounts computed by applying the Federal expected tax rate of 34% is as follows:
|  | December 31, 2017 |  | February 28, 2017 |
Income (loss) before tax |  | $ | 1,307,520 |  | $ | (776,699 | )
Computed expected tax (benefit) |  | $ | 444,557 |  | $ | (264,078 | )
State income and franchise tax/(refund) |  |  | 1,670 |  |  | 1,323 |
Reduction in deferred tax from change in tax rate |  |  | (13,420 | ) |  | — |
Other |  |  | (30,244 | ) |  | 21,055 |
Provision (benefit) for taxes |  | $ | 402,563 |  | $ | (241,700 | )
Schedule of component of deferred tax liabilities | The components of deferred tax liabilities at December 31, 2017, and February 28, 2017, respectively, are as follows:
|  | December 31, 2017 |  | February 28, 2017 |
Deferred compensation cost |  | $ | 33,987 |  | $ | 49,228 |
Depreciation and amortization |  |  | (69,550 | ) |  | (156,596 | )
Allowance for bad debts and other |  |  | 13,888 |  |  | 24,946 |
Deferred tax liabilities |  | $ | (21,675 | ) | $ | (82,422 | )

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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 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- 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 + Details
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