XML 18 R17.htm IDEA: XBRL DOCUMENT v3.20.1
Note 11 - Income Taxes
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
11.
Income Taxes
 
 
Income tax expense (benefit) attributable to income from continuing operations differed from the amounts computed by applying the U.S. Federal income tax of
21%
to pretax income from continuing operations as a result of the following:
 
   
December 31, 2019
   
December 31, 2018
 
Provision (benefit) at statutory rate
  $
(332,000
)   $
(281,000
)
Permanent differences
   
85,000
     
30,000
 
Change in valuation allowance
   
247,000
     
251,000
 
    $ -     $ -  
 
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at
December 31, 2019
and
2018,
are presented below:
 
   
December 31, 2019
   
December 31, 2018
 
Deferred tax assets:
               
Net operating loss carryforward
  $
5,239,000
    $
4,992,000
 
Deferred tax assets
   
5,239,000
     
4,992,000
 
                 
Deferred tax liabilities:
   
-
     
-
 
Net deferred tax assets
   
5,239,000
     
4,992,000
 
Valuation allowance
   
(5,239,000
)    
(4,992,000
)
    $ -     $ -  
 
At
December 31, 2019,
the Company has estimated net operating loss carryforwards of approximately
$24,948,000
for federal income tax purposes expiring in
2019
through
2037.
The ability of the Company to utilize these carryforwards
may
be difficult and directly dependent upon many factors outside of the Company’s control, including, but
not
limited to, changes in the legal and regulatory framework and the operational and corporate structure of ABI and shareholders, or sales or transfers of stock by or among shareholders. For example, if ABI has experienced a change of control as defined in the relevant provisions of the IRC,
4
the use of any existing tax attributes could be severely limited. ABI does
not
believe the reorganization has or will impair any tax attributes; however, obtaining value from the tax attributes is a function of the Company’s return to profitable operations and the timeframe of that return. While we believe it is possible, there is
no
assurance that ABI will return to profitability in the future.
 

4
See
26
U.S.C. §
382
(known as Section
382
of the IRC) and related regulations.
 
As of
December 31, 2019,
the Company had open tax years of
2019,
2018
and
2017
which are subject to examination by tax authorities.