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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Schedule of Income Tax (Benefit) Expense | The components of income taxes for the periods ended December 31, 2019 and 2018 are as follows:
|  | Years Ended December 31,
|  | 2019 |  | 2018
Current: |  |  |  |
Federal |  | $ | (54,876 | ) |  | $ | — |
State |  |  | — |  |  |  | — |
Total Current |  |  | (54,876 | ) |  |  | — |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | 199,634 |  |  |  | (50,858 | )
State |  |  | 74,370 |  |  |  | (92,601 | )
Total Deferred |  |  | 274,004 |  |  |  | (143,459 | )
Income tax (benefit) expense |  | $ | 219,128 |  |  | $ | (143,459 | )
Schedule of Effective Income Tax Rate Reconciliation | Reconciliation of the statutory federal income tax rate to the Company's effective tax rate:
|  | Years Ended December 31,
|  | 2019 |  | 2018
Federal tax at statutory rate |  |  | 21.00 | % |  |  | 21.00 | %
State income tax rate |  |  | 6.98 | % |  |  | 6.98 | %
Remeasurement of deferred taxes |  |  | — |  |  |  | — |
Expenses and credits not benefited |  |  | 27.51 | % |  |  | (7.90 | %)
Provision for taxes |  |  | 55.49 | % |  |  | 20.08 | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of net deferred tax assets are valued approximately as follows:
|  | December 31,
Deferred tax assets: |  | 2019 |  | 2018
Net operating loss carryforwards |  | $ | 4,546,000 |  |  | $ | 4,849,000 |
Credits |  |  | 1,014,000 |  |  |  | 942,000 |
Capitalized research and development costs |  |  | — |  |  |  | — |
Other acquired intangibles |  |  | — |  |  |  | 6,000 |
Accruals not currently deductible |  |  | 685,000 |  |  |  | 648,000 |
Depreciation |  |  | 58,000 |  |  |  | 75,000 |
Total deferred tax assets |  |  | 6,303,000 |  |  |  | 6,520,000 |
Valuation allowance for deferred tax assets |  |  | (626,000 | ) |  |  | (569,000 | )
Net deferred tax assets |  |  | 5,677,000 |  |  |  | 5,951,000 |
Deferred tax liability: |  |  |  |  |  |  |  |
Acquired intangibles |  |  | (170,000 | ) |  |  | (170,000 | )
Net deferred tax assets |  | $ | 5,507,000 |  |  | $ | 5,781,000 |
Schedule of Unrecognized Tax Benefits ("UTBs") | A reconciliation of the beginning and ending amount of unrecognized tax benefits (“UTBs”), excluding interest and penalties, is as follows:
|  | Amount
Beginning balance at January 1, 2019 |  | $ | 942,000 |
Decreases in UTBs taken in prior years |  |  | — |
Increases in UTBs taken in current years |  |  | 77,000 |
Ending balance at December 31, 2019 |  | $ | 1,019,000 |

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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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