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)

v3.21.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax (Expense) Benefit

The benefit (provision) from income taxes for the years ended December 31, 2020 and 2019 consists of the following:

	2020			2019
Current
Federal	$	1,373,348		$	-
State		(65,168	)		-
		1,308,180			-

Deferred
Federal		-			-
State		-			-
		-			-

Benefit from income taxes	$	1,308,180		$	-

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, 2020 and 2019:

	2020			2019
		%			%
Federal statutory rate		21.0			21.0
Permanent and other items		(1.99	)		(10.67	)
Federal income taxes audit and other adjustments		2.48			(0.03	)
Change in valuation allowance		(14.59	)		(10.3	)
		6.90			0.00

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are comprised of the following at December 31, 2020 and 2019:

	2020			2019
Deferred income tax assets:
Amortization	$	586,174		$	868,974
Net operating loss carryforward		20,671,683			16,053,316
Allowance for doubtful accounts		403,991			1,559,750
Charitable contributions		624			623
Stock options		971,860			970,496
Accrued liabilities		312,419			467,086
HHS Provider Relief Funds		1,175,790
R&D credit carryforward		220,431
Business interest expense		0			2,323,330
Deferred state tax asset		5,117,347			1,428,268
		29,460,319			23,671,843

Deferred income tax liabilities:
Depreciation		(1,498,698	)		(1,578,355	)
		(1,498,698	)		(1,578,355	)
Deferred tax asset, net		27,961,621			22,093,488

Less: valuation allowance		(27,961,621	)		(22,093,488	)

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
-Paragraph 2
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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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