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Note 12 - Income Tax (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		December 31,				December 31,
		2021				2020
Current
Federal		$	2,032,751			$	1,812,710
State			971,936				696,154
Deferred
Federal			(2,045,199	)			(1,246,828	)
State			(321,424	)			(520,998	)
Provision for income taxes		$	638,064			$	741,038

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		December 31,				December 31,
		2021				2020
Deferred tax assets
Workers' compensation claims liability		$	1,517,396			$	1,131,695
Depreciation/amortization			-				205,987
Bad debt reserve			6,385				18,984
Accrued vacation			43,854				33,956
Impairment of notes receivable			463,949				394,674
Stock based compensation			144,666				182,385
Accrued compensation			261,417				-
Net operating loss carryforward			228,289				-
Total deferred tax asset			2,665,956				1,967,681
Deferred tax liabilities
Depreciation/amortization			(2,208,041	)			-
Cash to Accrual - 481 Adjustment			(930,861	)			(1,888,302	)
Total deferred tax liabilities			(3,138,902	)			(1,888,302	)
Total deferred taxes, net		$	(472,946	)		$	79,379

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		December 31, 2021								December 31, 2020
Income tax expense based on statutory rate		$	2,622,480				21.0	%		$	1,281,095				21.0	%
Bargain purchase gain			(1,180,512	)			(9.5	)%			4,233				0.1	%
Non-deductible executive compensation			203,597				1.6	%			-				0.0	%
Stock based compensation			(154,423	)			(1.2	)%			-				0.0	%
State income taxes expense net of federal taxes			446,422				3.6	%			138,375				2.3	%
WOTC			(1,204,581	)			(9.6	)%			(712,891	)			(11.7	)%
Other			(94,919	)			(0.8	)%			30,226				(0.5	)%
Total taxes on income		$	638,064				5.1	%		$	741,038				11.2	%

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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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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

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