Schedule of Income Tax (Expense) Benefit |
The
provision for income taxes for the years ended December 31, 2022 and 2021 consists of the following:
Schedule of Income Tax (Expense) Benefit
|
|
Year Ended December 31, 2022 |
|
|
Year Ended December 31, 2021 |
|
Current |
|
|
|
|
|
|
|
|
Federal |
|
$ |
(301,766
|
) |
|
$ |
(14,860 |
) |
State |
|
|
(11,083 |
) |
|
|
(164,670 |
) |
Total Current |
|
|
(312,849 |
) |
|
|
(179,530 |
) |
|
|
|
|
|
|
|
|
|
Deferred |
|
|
|
|
|
|
|
|
Federal |
|
|
- |
|
|
|
- |
|
State |
|
|
- |
|
|
|
- |
|
Total Deferred |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
$ |
(312,849 |
) |
|
$ |
(179,530 |
) |
|
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,
2022 and 2021:
Schedule of Effective Income Tax Rate Reconciliation
|
|
Year Ended December 31, 2022 |
|
|
Year Ended December 31, 2021 |
|
|
|
% |
|
|
% |
|
Federal statutory rate |
|
|
21.0 |
|
|
|
21.0 |
|
Permanent and other items |
|
|
(17.0 |
) |
|
|
0.6 |
Federal income taxes audit and other adjustments |
|
|
- |
|
|
|
63.5 |
|
Change in valuation allowance |
|
|
(14.5 |
) |
|
|
(81.6 |
) |
Effective income tax rate |
|
|
(10.5 |
) |
|
|
3.5 |
|
|
Schedule of Deferred Tax Assets and Liabilities |
Deferred
tax assets and liabilities are comprised of the following at December 31, 2022 and 2021:
Schedule of Deferred Tax Assets and Liabilities
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
Deferred income tax assets: |
|
|
|
|
|
|
|
|
Amortization |
|
$ |
375,821 |
|
|
$ |
460,537 |
|
Net operating loss carryforward |
|
|
15,445,916 |
|
|
|
15,164,992 |
|
Allowance for doubtful accounts |
|
|
387,818 |
|
|
|
401,436 |
|
Charitable contributions |
|
|
644 |
|
|
|
644 |
|
Stock options |
|
|
1,003,453 |
|
|
|
1,003,453 |
|
Accrued liabilities |
|
|
1,826,839 |
|
|
|
1,711,890 |
|
HHS Provider Relief Funds |
|
|
67,685 |
|
|
|
- |
|
Employee retention credit |
|
|
292,282 |
|
|
|
292,282 |
|
HTS and AMSG basis difference |
|
|
878,709 |
|
|
|
878,709 |
|
Deferred state tax asset |
|
|
4,089,682 |
|
|
|
3,683,024 |
|
Total deferred income tax
assets |
|
|
24,368,849 |
|
|
|
23,596,967 |
|
Deferred income tax liabilities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
(
583,812 |
) |
|
|
(691,456 |
) |
Deferred tax asset, net |
|
|
23,785,037 |
|
|
|
22,905,511 |
|
|
|
|
|
|
|
|
|
|
Less: valuation allowance |
|
|
(23,785,037 |
) |
|
|
(22,905,511 |
) |
|
|
|
|
|
|
|
|
|
Net deferred tax assets |
|
$ |
- |
|
|
$ |
- |
|
|