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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Schedule of Income Tax (Benefit) Expense

The components of income taxes for the periods ended December 31, 2020 and 2019 are as follows:

 

    Years Ended December 31,
    2020   2019
  Current:        
  Federal   $ (55,676 )   $ (54,876 )
  State     4,918       —    
       Total Current     (50,758 )     (54,876 )
  Deferred:                
  Federal     —         199,634  
  State     —         74,370  
       Total Deferred     —         274,004  
Income tax (benefit) expense   $ (50,758 )   $ 219,128  

 

 
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,
    2020   2019
  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     (27.98 )%     27.51 %
  Provision for taxes     0 %     55.49 %

 
Schedule of Deferred Tax Assets and Liabilities

On December 31, 2020, the Company released valuation allowance against substantially all deferred tax assets. Significant components of net deferred tax assets are valued approximately as follows: 

 

    December 31,
Deferred tax assets:   2020   2019
  Net operating loss carryforwards   $ 4,357,000     $ 4,546,000  
  Credits     954,000       1,014,000  
  Capitalized research and development costs     —         —    
  Other acquired intangibles     —         —    
  Accruals not currently deductible     638,000       685,000  
  Depreciation     140,000       58,000  
     Total deferred tax assets     6,090,000       6,303,000  
  Valuation allowance for deferred tax assets     (548,000 )     (626,000 )
     Net deferred tax assets     5,542,000       5,677,000  
Deferred tax liability:                
  Acquired intangibles     —         (170,000 )
Net deferred tax assets   $ 5,542,000     $ 5,507,000  

  
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, 2020   $ 1,019,000  
Decreases in UTBs in prior years     (32,000 )
Increases in UTBs in current years     77,000  
Ending balance at December 31, 2020   $ 1,064,000