Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Summary of Significant Accounting Policies (Policies)
Notes Tables
Notes Details

Income Taxes (Tables)

v3.19.3

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Income Tax (Expense) Benefit

The provision for income taxes for the years ended December 31, 2018 and 2017 consists of the following:

	2018		2017
Current
Federal	$	766,070	$	1,015,724
State		-		-
		766,070		1,015,724

Deferred
Federal		-		-
State		-		-

Provision for income taxes	$	766,070	$	1,015,724

Schedule of Effective Income Tax Rate Reconciliation

The following reconciles the Federal statutory income tax rate to the Company’s effective tax rate for the years ended December 31, 2018 and 2017:

	2018			2017
		%			%
Federal statutory rate		21.00			34.00
Permanent and other items		(5.81	)		(0.06	)
Beneficial conversion feature		-			(20.05	)
Federal income taxes audit and other adjustments		93.55			-
Rate change		-			(10.40	)
Change in valuation allowance		(102.77	)		(1.49	)
		5.97			2.00

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are comprised of the following at December 31, 2018 and 2017:

	2018			2017
Deferred income tax assets:
Amortization	$	914,520		$	978,688
Net operating loss carryforward		19,567,649			5,244,000
Goodwill and intangible assets		-			(112,742	)
Allowance for doubtful accounts		703,873			259,110
Charitable contributions		593			618
Stock options		936,641			700,745
Accrued liabilities		390,041			121,993
Business interest expense		989,408			-
Deferred state tax asset		1,139,059			595,531
		24,641,784			7,787,943

Deferred income tax liabilities:
Depreciation		(2,301,605	)		(406,310	)
		-			(406,310	)
Deferred tax asset, net		22,340,179			7,381,633

Less: valuation allowance		(22,340,179	)		(7,381,633	)

Net deferred tax assets	$	-		$	-

- References

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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
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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