Annual report pursuant to Section 13 and 15(d)

L. INCOME TAXES (Tables)

v3.20.1
L. INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of reconcilation of tax expense

A reconciliation of tax expense computed at the statutory federal tax rate on loss from operations before income taxes to the actual income tax (benefit) /expense is as follows:

 

    2019     2018  
Tax benefit computed at the statutory rate   $ (427,244 )   $ (631,497 )
State taxes     6,525       6,874  
Book expenses not deductible for tax purposes     2,980       2,882  
Rate Change     45,656        
Other     2,517       (27,286 )
      (369,566 )     (649,027 )
Change in valuation allowance for deferred tax assets     269,203       658,650  
Income tax (benefit) expense   $ (100,363 )   $ 9,623  

    

Schedule of deferred tax assets and liabilties

Significant components of the Company's deferred tax assets are as follows:

 

    2019     2018  
Deferred Tax Assets:                
Net operating loss carry forwards   $ 20,772,428     $ 20,342,559  
Intangibles     207,618       318,178  
Credits     28,022       112,086  
Other     506,349       613,202  
Total deferred tax assets     21,514,417       21,386,025  
                 
Deferred Tax Liabilities:                
Intangibles            
Total deferred tax liabilities            
Valuation allowance     (21,486,396 )     (21,386,025 )
Net deferred tax assets   $ 28,021     $