Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income tax provision

	For the Years Ended December 31,
	2020			2019
Current tax provision:
Federal	$	(11,400	)	$	(34,100	)
State		4,000			3,300
Foreign		(20,100	)		418,200
Current tax provision		(27,500	)		387,400
Deferred tax benefit:
Federal		(9,589,200	)		(4,553,700	)
State		(90,700	)		(78,800	)
Foreign		(1,351,100	)		(262,700	)
Valuation allowance		7,493,800			-
Deferred tax benefit		(3,537,200	)		(4,895,200	)
Total income tax benefit	$	(3,564,700	)	$	(4,507,800	)

Income tax reconciliation

	For the Years Ended December 31,
	2020			2019
Income tax benefit at statutory federal income tax rate	$	(9,619,800	)	$	(4,444,900	)
State tax benefit, net of federal benefit		(67,200	)		(75,900	)
Foreign tax expenses		(1,375,000	)		-
Non-deductible management and acquisition fees		-			7,600
Other non-deductible expenses		3,500			5,400
Valuation allowance		7,493,800			-
Total income tax benefit	$	(3,564,700	)	$	(4,507,800	)

Deferred tax assets and liabilities

	December 31,
	2020			2019
Deferred tax assets:
Current and prior year tax losses	$	9,616,600		$	4,980,100
Deferred interest expense		3,631,600			269,800
Foreign tax credit		573,900			758,400
Maintenance reserves		390,500			470,000
Deferred derivative losses		81,100			452,100
Deferred maintenance, bad debt allowance and other		59,900			19,800
Alternative minimum tax credit		-			11,400
Total deferred tax assets		14,353,600			6,961,600
Valuation allowance		(7,493,800	)		-
Deferred tax assets, net of valuation allowance		6,859,800			6,961,600
Deferred tax liabilities:
Accumulated depreciation on aircraft and aircraft engines		(5,654,700	)		(8,666,700	)
Deferred income		(58,000	)		(175,600	)
Leasehold interest		3,800			(131,400	)
Total deferred tax liabilities		(5,708,900	)		(8,973,700	)
Net deferred tax assets/(liabilities), net of valuation allowance and deferred tax liabilities	$	1,150,900		$	(2,012,100	)

	December 31,
Reported as:	2020			2019
Deferred tax asset	$	8,644,700		$	517,700
Deferred income taxes (liability)		-			(2,529,800	)
Valuation allowance		(7,493,800	)		-
Net deferred tax assets/(liabilities)	$	1,150,900		$	(2,012,100	)

Unrecognized tax benefits

	December 31,
		2020			2019
Balance at January 1		$	94,400		$	85,400
Additions for prior years’ tax positions			5,100			9,000
Reductions from expiration of statute of limitations			(25,500	)		-
Balance at December 31		$	74,000		$	94,400