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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jan. 03, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of deferred tax liability

		2020				2019
Net operating loss carry forward		$	-			$	43,000
Property and equipment			(183,000	)			(167,000	)
Future tax benefit of impairment allowance			78,000				26,000
Paycheck Protection Program loan forgiveness			(13,000	)
Total deferred tax liability		$	(118,000	)		$	(98,000	)

Schedule of provision for income taxes

		2020				2019
Current income tax expense		$	110,000			$	-
Deferred income taxes (benefit)			20,000				(102,000	)
Total income tax expense (benefit)		$	130,000			$	(102,000	)

Schedule of Federal statutory tax rate

		2020				2019
Total expense (benefit) computed by applying statutory federal rate		$	193,600			$	(119,500	)
State income tax (benefit), net of federal tax benefit			47,400				(36,000	)
Paycheck Protection Program loan forgiveness			(111,000	)			-
Other permanent differences			-				53,500
Provision for income taxes (benefit)		$	130,000			$	(102,500	)

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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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