XML 43 R26.htm IDEA: XBRL DOCUMENT
v3.21.1

FEDERAL AND STATE INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of provision for income taxes | Income tax expense consisted of the following:
|  | Year Ended December 31, 2020 |  | Year Ended December 31, 2019 |
State income tax: |  |  |  |  |
Current, net of refund |  | $ | 17,800 |  | $ | 22,514 |
Federal income tax: |  |  |  |  |  |  |
Deferred |  |  | 62,967 |  |  | (186,775 | )
Current |  |  | (62,967 | ) |  | 296,330 |
Income tax expense |  | $ | 17,800 |  | $ | 132,069 |
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 21% for year 2020 and 2019 is as follows:
|  | Year Ended December 31, 2020 |  | Year Ended December 31, 2019 |
(Loss)/income before taxes |  | $ | (1,194,263 | ) | $ | 696,418 |
Income taxes computed at the federal statutory rate |  | $ | (250,795 | ) | $ | 146,248 |
State income and franchise tax |  |  | 17,800 |  |  | 22,514 |
Permanent differences and other |  |  | 250,795 |  |  | (36,693 | )
Income tax expense |  | $ | 17,800 |  | $ | 132,069 |
Schedule of components of deferred tax assets | The significant components of deferred income tax assets, net are as follows:
|  | December 31, 2020 |  | December 31, 2019 |
Deferred compensation cost |  | $ | 239,036 |  | $ | 259,068 |
Depreciation and amortization |  |  | (135,092 | ) |  | (71,331 | )
Allowance for bad debts and other |  |  | 21,330 |  |  | 504 |
Deferred income tax assets, net |  | $ | 125,274 |  | $ | 188,241 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration