Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Income Tax (Benefit) / Expense

Deferred income tax (benefit) / expense, which represents the net change in the deferred tax assets or liability balance during the year, including any change in the valuation allowance.

	Year Ending December 31,
	2018			2017
Current
Federal	$	948,000		$	51,000
State and local		26,000			102,000
Total Current	$	974,000		$	153,000

Deferred
Federal	$	(3,248,000	)	$	—
State and local		(2,328,000	)		—
Total Deferred	$	(5,576,000	)	$	—

Total Income tax (benefit) / expense	$	(4,602,000	)	$	153,000

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the effective tax rate applicable to income before income taxes is as follows for the periods indicated:

	Year Ending December 31,
	2018			2017
Federal statutory income tax rate		21.0	%		34.0	%
Net effect of:
Non-deductible expenses		0.2	%		1.2	%
Depreciation		(0.9	%)		(4.5	%)
Tax amortization of intangible assets		(3.8	%)		(1.6	%)
Other temporary differences		(1.3	%)		(12.1	%)
Net operating loss		(2.6	%)		(13.2	%)
Increase due to state and local taxes, net of U.S. federal income tax effects		0.6	%		2.8	%
Total Current effective income tax rate		13.2	%		6.6	%
Reversal of deferred tax assets valuation allowance		(75.8	%)		—
Total Effective income tax rate		(62.6	%)		6.6	%

Schedule of Deferred Tax Assets (Liabilities)

Below is a breakout of the deferred tax assets, net of valuation allowance as of the periods indicated. Prior period amounts were adjusted to reflect the impact from the Tax Cuts and Jobs Act:

	As of December 31,
	2018			2017
Deferred tax assets
Net operating loss carryforwards	$	5,811,000		$	6,596,000
	$	5,811,000		$	6,596,000

Deferred tax liabilities
Furniture, equipment and leasehold improvements	$	(193,000	)	$	(79,000	)
Contribution carryover		—			126,000
Intangible assets		—			(25,000	)
Other reconciling items		(42,000	)		—
	$	(235,000	)	$	22,000

Total	$	5,576,000		$	6,618,000

Valuation allowance		—			(6,618,000	)

Deferred tax assets, net of valuation allowance	$	5,576,000		$	—