INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of deferred tax assets and liabilities |
Components of the Company's deferred tax assets and liabilities as of December 31, 2022 and 2021, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred Tax Assets and Liabilities |
|
December 31, 2022 |
|
December 31, 2021 |
| Deferred Tax Assets: |
|
|
|
| Deferred contract revenue |
$ |
1,230,985 |
|
|
$ |
1,333,510 |
|
| Net operating loss carryforwards |
7,027,439 |
|
|
6,929,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital loss carryforward |
92,418 |
|
|
92,418 |
|
| Other |
338 |
|
|
366 |
|
| Sub-total |
$ |
8,351,180 |
|
|
$ |
8,356,115 |
|
| Valuation allowance |
(5,168,148) |
|
|
(3,891,342) |
|
| Sub-total |
$ |
3,183,032 |
|
|
$ |
4,464,773 |
|
| Deferred Tax Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Cost recovery of fixed assets |
$ |
(4,386,744) |
|
|
$ |
(4,187,621) |
|
| Other |
(88,588) |
|
|
(70,867) |
|
| Sub-total |
$ |
(4,475,332) |
|
|
$ |
(4,258,488) |
|
| Total net deferred tax (liability) asset |
$ |
(1,292,300) |
|
|
$ |
206,285 |
|
|
| Total income tax expense |
Total income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate of 21% for the years ended December 31, 2022, 2021 and 2020, to income or loss from operations and other income and expense for the years presented, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Tax Expense (Benefit) |
|
For the Years Ended December 31, |
|
|
|
As Restated |
|
|
|
2022 |
|
2021 |
|
2020 |
| Application of statutory income tax rate |
$ |
(2,327,764) |
|
|
$ |
(278,726) |
|
|
$ |
(64,292,012) |
|
| State income taxes, net of federal tax benefit |
68,320 |
|
|
681,342 |
|
|
35,371 |
|
| Income of Real Estate Investment Trust not subject to tax |
2,664,761 |
|
|
532,952 |
|
|
64,331,160 |
|
| Increase in valuation allowance |
1,276,806 |
|
|
3,159,313 |
|
|
— |
|
| Other |
(10,212) |
|
|
(20,122) |
|
|
(159,377) |
|
| Total income tax expense (benefit) |
$ |
1,671,911 |
|
|
$ |
4,074,759 |
|
|
$ |
(84,858) |
|
|
| 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 Years Ended December 31, |
|
2022 |
|
2021 |
|
2020 |
| Current tax expense (benefit) |
|
|
|
|
|
| Federal |
$ |
141,544 |
|
|
$ |
(7,154) |
|
|
$ |
(420,074) |
|
| State (net of federal tax benefit) |
31,783 |
|
|
5,623 |
|
|
24,231 |
|
| Total current tax expense (benefit) |
$ |
173,327 |
|
|
$ |
(1,531) |
|
|
$ |
(395,843) |
|
| Deferred tax expense |
|
|
|
|
|
| Federal |
$ |
947,036 |
|
|
$ |
3,400,571 |
|
|
$ |
299,845 |
|
| State (net of federal tax benefit) |
551,548 |
|
|
675,719 |
|
|
11,140 |
|
| Total deferred tax expense |
$ |
1,498,584 |
|
|
$ |
4,076,290 |
|
|
$ |
310,985 |
|
| Total income tax expense (benefit), net |
$ |
1,671,911 |
|
|
$ |
4,074,759 |
|
|
$ |
(84,858) |
|
|