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Federal Income Taxes (Tables)

12 Months Ended

Jan. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Total and net deferred income tax assets at January 31,            

		2019				2018
Net operating loss carryforwards		$	705,000			$	2,763,000
Bad debt allowance			3,000				(22,000	)
Accrued expenses			2,000				89,000
Syndications			2,923,000				5,179,000
Prepaid Insurance			-				30,000
Alternative minimum tax credit			51,000				91,000
Total deferred tax asset			3,684,000				8,130,000
Deferred income tax liability associated with book/tax			(1,570,000	)			(2,884,000	)
Net deferred income tax asset			2,114,000				5,246,000
Valuation allowance			(2,114,000	)			(5,246,000	)
		$	-			$	-

Schedule of Income Tax Provision

Income taxes for the year ended January 31,            

		2019				2018
Current income tax provision (benefit)			-				335,000
Deferred income tax provision (benefit)			(3,132,000	)			(1,701,000	)
Change in valuation allowance			3,132,000				1,701,000
Net income tax expense (benefit)			-				335,000

Schedule of Effective Income Tax Rate Reconciliation

The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2019:

		2019
		Amount				Percent
Federal statutory rates		$	208,000				21	%
State income taxes			50,000				5	%
Change in valuation allowance			(3,132,000	)			(316	)%
True-up to prior year returns			2,872,000				290	%
Other			2,000				0	%
Effective rate		$	-				0	%

The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2018:

		2018
		Amount				Percent
Federal statutory rates		$	1,604,000				34	%
State income taxes			576,000				12	%
Change in valuation allowance			(1,701,000	)			(36	)%
True-up to prior year returns			(240,000	)			(5	)%
Other			96,000				2	%
Effective rate		$	335,000				7	%

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
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