Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income Tax (Expense) Benefit

The (provision) benefit from income taxes for the years ended December 31, 2021 and 2020 consists of the following:

 

    2021     2020  
Current                     
Federal   $ (14,860 )   $ 1,373,348  
State     (164,670 )     (65,168 )
     

(179,530

)     1,308,180  
               
Deferred              
Federal     -       -  
State     -       -  
      -       -  
                 
(Provision) benefit from income taxes   $

(179,530

)   $ 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, 2021 and 2020:

 

    2021     2020  
    %     %  
Federal statutory rate     21.0       21.0  
Permanent and other items     0.6     (2.0 )
Federal income taxes audit and other adjustments    

63.5

      2.5  
Change in valuation allowance     (81.6 )     (14.6 )
Effective income tax rate    

3.5

      6.9  
Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are comprised of the following at December 31, 2021 and 2020:

 

    2021     2020  
Deferred income tax assets:                     
Amortization $ 460,537     $ 586,174  
Net operating loss carryforward    

15,164,992

      20,671,683  
Allowance for doubtful accounts    

401,436

      403,991  
Charitable contributions    

644

      624  
Stock options    

1,003,453

      971,860  
Accrued liabilities    

1,711,890

      312,419  
HHS Provider Relief Funds    

-

      1,175,790  
Employee retention credit    

292,282

     

-

 
R&D credit carryforward    

-

      220,431  
VisualMed Basis Difference    

878,709

      -  
Deferred state tax asset    

3,683,024

      5,117,347  
Total deferred income tax assets    

23,596,967

      29,460,319  
                 
Deferred income tax liabilities:                
Depreciation    

(691,456

)     (1,498,698 )
Deferred tax asset, net    

22,905,511

      27,961,621  
                 
Less: valuation allowance    

(22,905,511

)     (27,961,621 )
                 
Net deferred tax assets   $ -     $ -