Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.20.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Components of deferred tax assets and liabilities Components of the Company's deferred tax assets and liabilities as of June 30, 2020 and December 31, 2019, are as follows:
Deferred Tax Assets and Liabilities
 
June 30, 2020
 
December 31, 2019
Deferred Tax Assets:
 
 
 
Deferred contract revenue
$
1,458,883

 
$
1,529,473

Net operating loss carryforwards
6,138,726

 
5,622,052

Accrued liabilities

 
424,604

Capital loss carryforward
92,418

 
104,595

Other
6,184

 
6,184

Sub-total
$
7,696,211

 
$
7,686,908

Valuation allowance
(92,418
)
 
(104,595
)
Sub-total
$
7,603,793

 
$
7,582,313

Deferred Tax Liabilities:
 
 
 
Cost recovery of leased and fixed assets
$
(3,264,463
)
 
$
(2,953,319
)
Other
(44,294
)
 
(35,433
)
Sub-total
$
(3,308,757
)
 
$
(2,988,752
)
Total net deferred tax asset
$
4,295,036

 
$
4,593,561


Total income tax expense
Total income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate of 21 percent for the three and six months ended June 30, 2020 and 2019 to income (loss) from operations and other income and expense for the periods presented, as follows:
Income Tax Expense (Benefit)
 
For the Three Months Ended
 
For the Six Months Ended
 
June 30, 2020
 
June 30, 2019
 
June 30, 2020
 
June 30, 2019
Application of statutory income tax rate
$
(28,876,735
)
 
$
2,078,209

 
$
(62,910,824
)
 
$
2,984,102

State income taxes, net of federal tax expense
(9,298
)
 
7,538

 
25,211

 
523,564

Federal Tax Attributable to Income of Real Estate Investment Trust
28,811,858

 
(2,025,403
)
 
62,946,202

 
(2,941,388
)
Other
348

 
2,355

 
(159,138
)
 
(56,244
)
Total income tax expense (benefit)
$
(73,827
)
 
$
62,699

 
$
(98,549
)
 
$
510,034


Components of income tax expense
The components of income tax expense (benefit) include the following for the periods presented:
Components of Income Tax Expense (Benefit)
 
For the Three Months Ended
 
For the Six Months Ended
 
June 30, 2020
 
June 30, 2019
 
June 30, 2020
 
June 30, 2019
Current tax expense (benefit)
 
 
 
 
 
 
 
Federal
$
(2,431
)
 
$

 
$
(412,074
)
 
$
216,093

State (net of federal tax expense (benefit))

 

 
15,000

 
137,651

Total current tax expense (benefit)
$
(2,431
)
 
$

 
$
(397,074
)
 
$
353,744

Deferred tax expense (benefit)
 
 
 
 
 
 
 
Federal
$
(62,098
)
 
$
55,161

 
$
288,314

 
$
(229,623
)
State (net of federal tax expense (benefit))
(9,298
)
 
7,538

 
10,211

 
385,913

Total deferred tax expense (benefit)
$
(71,396
)
 
$
62,699

 
$
298,525

 
$
156,290

Total income tax expense (benefit), net
$
(73,827
)
 
$
62,699

 
$
(98,549
)
 
$
510,034