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Income Tax (Tables) (Brooklyn ImmunoTherapeutics, LLC) (10-K) | 12 Months Ended
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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 |  | $ | - |  |  | $ | - |

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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 + Details
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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=84230637&loc=d3e32537-109319 + Details
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