General form of registration statement for all companies including face-amount certificate companies

INCOME TAXES (Tables)

v3.21.4
INCOME TAXES (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]    
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

 SCHEDULE OF EFFECTIVE INCOME TAX RATE

                         
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2021     2020     2021     2020  
    (unaudited)     (unaudited)  
(Benefit) provision for income tax   $ (714 )   $ 14     $ (684 )   $ 43  
Effective income tax rate     16.9 %     0.2 %     5.8 %     0.2 %

A reconciliation of the difference between the federal statutory tax rates and the Company’s effective tax rate from continuing operations is as follows:

 

    2020     2019  
Federal statutory rate     21.0 %     21.0 %
State income tax rate, net of Federal tax benefit     4.0 %     3.0 %
Meals and entertainment     (0.1 )%     (0.2 )%
Valuation allowance     (25.0 )%     (23.8 )%
Naked credit     (0.1 )%     (0.1 )%
Discontinued operations allocation     0.0 %     0.2 %
Effective tax rate     (0.2 )%     0.1 %
Schedule of Components of Income Tax Expense (Benefit)  

The benefit from income taxes on continuing operations for the years ended December 31, 2020 and 2019 is comprised of the following:

    2020     2019  
Current:                
Federal   $ -     $ (46 )
State     16       -  
Total current     16       (46 )
                 
Deferred:                
Federal     23       11  
State     14       7  
Total deferred     37       18  
Benefit from income taxes   $ 53     $ (28 )
Schedule of Deferred Tax Assets and Liabilities  

The tax effects of significant items comprising the Company’s deferred tax assets and (liabilities) as of December 31, 2020 and 2019 are as follows:

 

    2020     2019  
Deferred tax assets:                
Federal net operating loss carryforwards   $ 17,015     $ 11,664  
State net operating loss carryforwards     2,953       1,834  
Compensation     1,492       1,399  
Allowances and reserves     436       457  
Intangible assets     292       589  
State taxes     900       848  
Credit carryforward     229       229  
163(j) interest     745       141  
Leases     54       23  
Deferred revenue     95       88  
Valuation allowance     (23,684 )     (17,027 )
 Gross deferred tax assets     527       245  
Deferred tax liability:                
                 
Property and equipment     (582 )     (263 )
Deferred tax liability-net valuation allowance   $ (55 )   $ (18 )
Schedule of Unrecognized Tax Benefits Roll Forward  

The following table summarizes the change in uncertain tax benefit reserves for the two years ended December 31, 2020:

 

    Unrecognized  
    Tax Benefits  
       
Balance of unrecognized benefits as of January 1, 2019   $ 877  
Additions for tax positions of prior years     -  
Balance as of January 1, 2020   $ 877  
Additions for tax positions of prior years     -  
Balance as of December 31, 2020   $ 877  
Schedule of Tax Years Subject to Examination  

 

Jurisdiction   Tax Years
Federal   2016 - 2020
State and Local   2015 - 2020