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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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