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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES (Tables)

Significant components of the income taxes

		2019				2018
Current
State and local		$	50,000			$	82,000
Federal			(197,000	)			2,226,000
Total Current Tax Expense		$	(147,000	)		$	2,308,000
Deferred
State and local			―				―
Federal			168,000				―
Total Deferred Tax Expense			168,000				―
Total Income Taxes		$	21,000			$	2,308,000

Significant components of deferred tax assets

		2019				2018
Deferred tax assets:Net operating loss carry forwards		$	490,000				―
Stock options and restricted stock unitsnot yet deducted for tax purposes						$	168,000
Valuation Allowance			(490,000	)			―
Total deferred tax assets		$	―			$	168,000

Significant components of federal income tax

	Years Ended
	December 31,
	2019		2018
Income tax - statutory rate	21.0%		21.0%
State and local, net	(2.82)%		1.75%
Adjustment of tax liability	11.11%		―
Net deferred tax provision	(2.85)%		―
Other	0.01%		0.30%
Valuation allowance on deferred tax assets	(27.63)%		―
Total	(1.18)%		23.05%

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 12
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