Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES (Tables)

v3.22.2.2
INCOME TAXES (Tables)
9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of deferred tax assets and liabilities Components of the Company's deferred tax assets and liabilities as of September 30, 2022 and December 31, 2021, are as follows:
Deferred Tax Assets and Liabilities
September 30, 2022 December 31, 2021
Deferred Tax Assets:
Deferred contract revenue $ 1,271,718  $ 1,333,510 
Net operating loss carryforwards 6,930,319  6,929,821 
Capital loss carryforward 92,418  92,418 
Other 367  366 
Sub-total $ 8,294,822  $ 8,356,115 
Valuation allowance (3,856,804) (3,891,342)
Sub-total $ 4,438,018  $ 4,464,773 
Deferred Tax Liabilities:
Cost recovery of leased and fixed assets $ (4,242,177) $ (4,187,621)
Other (84,160) (70,867)
Sub-total $ (4,326,337) $ (4,258,488)
Total net deferred tax asset $ 111,681  $ 206,285 
Schedule of Components of income tax expense
The components of income tax expense include the following for the periods presented:
Components of Income Tax Expense
For the Three Months Ended For the Nine Months Ended
September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021
Current tax expense (benefit)
Federal $ 31,781  $ (6,690) $ 238,587  $ 31,470 
State (net of federal tax expense) 3,406  (237) 104,521  9,843 
Total current tax expense (benefit) $ 35,187  $ (6,927) $ 343,108  $ 41,313 
Deferred tax expense
Federal $ 5,004  $ 94,699  $ 77,784  $ 184,784 
State (net of federal tax expense) 1,178  18,817  16,820  37,555 
Total deferred tax expense $ 6,182  $ 113,516  $ 94,604  $ 222,339 
Total income tax expense, net $ 41,369  $ 106,589  $ 437,712  $ 263,652