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Provision For Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Summary of Income Tax Benefits

Income tax benefit consists of the following federal, deferred components for the nine months ended September 30, 2021 and 2020:

Summary of Income Tax Benefits 

		Nine months ended September 30, 2021				Nine months ended September 30, 2020
Benefit of net operating losses		$	81,186			$	(85,536	)
Other timing differences			61,809				(85,209	)
Change in valuation allowance, including $188,000 reduction in valuation allowance due to purchased deferred tax liability in 2020			(142,995	)			17,555
Tax benefit		$	-			$	(188,300	)

Summary of Reconciliation of Income Tax Expense

 Summary of Reconciliation of Income Tax Expense

		Nine months ended September 30, 2021				Nine months ended September 30, 2020
U.S. statutory rate			21	%			21	%
U.S. Federal income tax at statutory rate		$	275,448			$	(201,810	)
Increase (decrease) in income taxes due to:
Non-taxable PPP loan and accrued interest recovery			(177,467	)			-
Non-deductible earnout expense			14,690				-
Non-deductible goodwill amortization			29,968				22,890
Other differences			356				6,840
Benefit of acquisition-date purchased deferred tax liability			-				(188,300	)
Other change in valuation allowance			(142,995	)			171,780
Income tax benefit		$	-			$	(188,300	)

Summary of Deferred Tax Assets and Liabilities

The approximate tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:

 Summary of Deferred Tax Assets and Liabilities

		September 30, 2021				December 31, 2020
Deferred tax assets
Reserves and accruals not currently deductible for tax purposes		$	48,000			$	51,000
Amortizable assets			67,000				72,000
Net operating loss carryforwards			3,939,000				4,020,000
Deferred tax assets			4,054,000				4,143,000
Deferred tax liabilities
Property and equipment			(198,000	)			(143,000	)
Net Deferred tax assets			3,856,000				4,000,000
Valuation allowance			(3,856,000	)			(4,000,000	)
Deferred tax assets and liabilities		$	-			$	-

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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=121826272&loc=d3e32639-109319

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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=121826272&loc=d3e32537-109319

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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=121826272&loc=d3e32687-109319

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