Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income tax provision

	For the Years Ended December 31,
	2019			2018
Current tax provision:
Federal	$	(34,100	)	$	-
State		3,300			3,200
Foreign		418,300			414,000
Current tax provision		387,500			417,200
Deferred tax benefit:
Federal		(4,553,700	)		(1,270,400	)
State		(78,800	)		(26,100	)
Foreign		(262,800	)		(93,500	)
Deferred tax benefit		(4,895,300	)		(1,390,000	)
Total income tax benefit	$	(4,507,800	)	$	(972,800	)

Income tax reconciliation

	For the Years Ended December 31,
	2019			2018
Income tax benefit at statutory federal income tax rate	$	(4,444,900	)	$	(1,901,400	)
State tax benefit, net of federal benefit		(75,900	)		(44,500	)
Non-deductible Merger expenses		-			647,200
Non-deductible management and acquisition fees		7,600			325,900
Other non-deductible expenses		5,400			-
Total income tax benefit	$	(4,507,800	)	$	(972,800	)

Deferred tax assets and liabilities

	December 31,
	2019			2018
Deferred tax assets:
Current and prior year tax losses	$	4,980,100		$	4,065,100
Foreign tax credit		758,400			611,900
Deferred interest expense		269,800			81,800
Maintenance reserves		470,000			3,100,800
Deferred derivative losses		452,100			-
Deferred maintenance, bad debt allowance and other		19,800			92,500
Alternative minimum tax credit		11,400			45,500
Deferred tax assets		6,961,600			7,997,600
Deferred tax liabilities:
Accumulated depreciation on aircraft and aircraft engines		(8,666,700	)		(14,773,800	)
Deferred income		(175,600	)		(320,600	)
Leasehold interest		(131,400	)		(185,400	)
Net deferred tax liabilities	$	(2,012,100	)	$	(7,282,200	)

	December 31,
Reported as:	2019			2018
Deferred tax asset	$	517,700		$	254,900
Deferred income taxes (liability)		(2,529,800	)		(7,537,100	)
Net deferred tax liabilities	$	(2,012,100	)	$	(7,282,200	)

Unrecognized tax benefits

	December 31,
	2019		2018
Balance at January 1	$	85,400		-
Additions for prior years’ tax positions		9,000		85,400
Balance at December 31	$	94,400	$	85,400