• Filing Date: 2021-03-31
  • Form Type: 10-K
  • Description: Annual report
v3.21.1
Income Taxes (Details Narrative) - USD ($)
12 Months Ended
Dec. 22, 2017
Dec. 31, 2020
Dec. 31, 2019
Minimum tax credit   $ 0 $ 46,000
Income tax rate description The Act permanently reduced the U.S. corporate income tax rate from a maximum of 35% to a 21% rate, effective January 1, 2018    
U.S. corporate income tax rate   21.00% 21.00%
Net operating loss carryforwards     $ 43,800,000
Net operating loss carryforwards description   Some of the key changes include eliminating the 80% of taxable income limitation by allowing corporate entities to fully utilize NOLs to offset taxable income in 2018, 2019 and 2020, allowing NOLs originating in 2018, 2019 and 2020 to be carried back five years, enhanced interest deductibility, and retroactively clarifying the immediate recovery of qualified improvement property costs rather than over a 39-year recovery period.  
Net operating loss carryforward available for use   Approximately $43.8 million of net operating losses incurred prior to 2020 will be unable to offset future taxable income and have been reserved via a valuation allowance to reduce the deferred tax asset to the expected realizable amount, leaving $2.9M available for use which expire at various dates through 2038 and the residual which never expire.  
Deferred tax assets valuation allowance   $ 1,543,000 484,000
Interest and penalties  
Impact BioMedical, Inc. [Member]      
Deferred tax assets net of acquired   671,000  
California [Member]      
Net operating loss carryforwards   $ 6,900,000 5,500,000
Net operating loss carryforwards, expiration date   expire through 2039  
Illinois [Member]      
Net operating loss carryforwards   $ 2,200,000 1,400,000
Net operating loss carryforwards, expiration date   expire through 2039  
Federal [Member]      
Net operating loss carryforwards   $ 56,700,000 50,000,000
Foreign Subsidiaries [Member]      
Net operating loss carryforwards   $ 400,000 $ 1,500,000
After December 31, 2017 and Before December 31, 2020 [Member]      
Federal tax credit     50.00%