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Income Tax (Tables) (Brooklyn ImmunoTherapeutics, LLC) (10-K)

12 Months Ended

Dec. 31, 2019

Schedule of Income Tax Benefit

For each of the years ended December 31, 2019 and 2018, current tax provisions and current deferred tax provisions were recorded as follows:

		As of December 31,
		2019				2018
Current Tax Provision
Federal		$	-			$	21,000
State			(25,000	)			(21,000	)
Foreign			2,000				(5,000	)
			(23,000	)			(5,000	)
Deferred Tax Provision
Federal			-				-
State			2,000				6,000
Foreign			(6,000	)			63,000
			(4,000	)			69,000
Total Tax Provision
Federal			-				21,000
State			(23,000	)			(15,000	)
Foreign			(4,000	)			58,000
		$	(27,000	)		$	64,000

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax assets and liabilities have been reported in other liabilities in the consolidated balance sheets at December 31, 2019 and 2018 as follows:

		As of December 31,
		2019				2018
Deferred Tax Assets:
NOL carryforwards		$	14,730,000			$	15,756,000
UK NOL carryforwards			552,000				534,000
Allowance for doubtful accounts			92,000				97,000
Compensation and vacation accrual			57,000				58,000
Operating accruals			6,000				285,000
Research and experimentation, AMT and foreign tax credits			126,000				126,000
Texas margin tax credit			106,000				120,000
Lease liabilities			854,000				-
Other			846,000				850,000
Total gross deferred tax assets			17,369,000				17,826,000
Valuation allowance			(16,218,000	)			(17,149,000	)
Net deferred tax assets			1,151,000				677,000
Deferred Tax Liabilities:
Capitalized software			497,000				523,000
Right of use assets			544,000				-
Fixed assets and intangibles			45,000				86,000
Foreign			47,000				45,000
Total gross deferred liabilities			1,133,000				654,000
Net deferred taxes		$	18,000			$	23,000

Brooklyn Immunotherapeutics, LLC [Member]

Schedule of Income Tax Benefit

The income tax benefit consists of the following:

		Successor								Predecessor
		For the Year Ended December 31, 2019				For the period from November 6, 2018 through December 31, 2018				For the period from January 1, 2018 through November 5, 2018
Federal:
Current		$	-			$	-			$	-
Deferred			-				-				8,266,417
State and local:
Current							-
Deferred			357,482				80,179				5,438,948
			357,482				80,179				13,705,365
Change in valuation allowance			(357,482	)			(80,179	)			(13,705,365	)
Income tax benefit (provision)		$	-			$	-			$	-

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the effects of temporary differences as shown in the table below. Deferred tax assets have been fully reserved by a valuation allowance since it is more likely than not that such tax benefits will not be realized.

		December 31,
		2019				2018
Deferred tax assets:
Net operating loss carryforward		$	424,800			$	80,179
Less: valuation allowance			(424,800	)			(80,179	)
Total		$	-			$	-

X

- 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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- 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
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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