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Provision for Income Taxes (Tables)

9 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Schedule of Income Taxes

Income taxes consist of the following:

		Three Months Ended September 30, 2018				Nine Months Ended September 30, 2018
Current income taxes
Federal		$	300,000			$	847,000
State			58,000				61,000
			358,000				908,000
Deferred tax benefit
Federal			(423,000	)			(423,000	)
State			(970,000	)			(970,000	)
			(1,393,000	)			(1,393,000	)
Total (Benefit) from income taxes		$	(1,035,000	)		$	(485,000	)

Schedule of Reconciliation of Income Tax Provision and Statutory Federal Tax Rate

The reconciliation between the income tax provision and income taxes computed by applying the statutory federal income tax rate to income before income taxes for the three months and nine months ended September 30, 2018 is as follows:

		Three Months Ended September 30, 2018				Nine Months Ended September 30, 2018
Expected income tax at statutory federal tax rate (21%)		$	438,000			$	1,286,000
Tax amortization of intangible assets			(70,000	)			(210,000	)
Depreciation			8,000				19,000
Net operating loss			(47,000	)			(141,000	)
Temporary differences - charitable contributions			4,000				(57,000	)
State taxes			25,000				11,000
Reversal of valuation allowance			(1,393,000	)			(1,393,000	)
Total (Benefit) from income taxes		$	(1,035,000	)		$	(485,000	)

Schedule of Deferred Tax Assets

The primary item giving rise to the deferred tax asset is as follows:

Net operating loss carryforwards		$	6,619,000
Valuation allowance			(5,226,000	)
Net deferred tax asset		$	1,393,000

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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

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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

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

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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

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

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