Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Feb. 02, 2020
Income Tax Disclosure [Abstract]  
Schedule of deferred income taxes

 

    2020     2019  
             
Deferred Income Tax Assets            
Federal net operating loss carry forward   $ 12,455,237     $ 708,865  
State net operating loss carry forward     2,485,074       130,924  
Intangible assets     244,053       248,731  
Accrued liabilities     1,833,549       1,139,686  
Equity based compensation     503,201       171,120  
Property and equipment     1,748,593       1,165,359  
Merchandise inventories     254,034       154,599  
Total Deferred Income Tax Assets     19,523,741       3,719,284  
Valuation Allowance     (19,523,741 )     (3,719,284 )
Net Deferred Income Tax Asset   $ -     $ -  

Schedule of statutory federal income tax rate
  2020     2019  
Benefit at Federal Statutory rates   $ (3,183,958 )   $ (1,397,881 )
Permanent adjustments     (847,531 )     406,674  
State tax, net of Federal benefit     (582,572 )     (15,086 )
Change in Federal rate from 34% to 21%     -       -  
Federal and deferred true-ups     (393,702 )     (175,845 )
Uncertain tax positions - NOLS     (10,753,384 )     10,753,384  
Change in valuation allowance     15,804,459       (9,554,839 )
Income tax provision   $ 43,312     $ 16,407  

 

  2020     2019  
Benefit at Federal Statutory rates     -21.0 %     -21.0 %
Permanent adjustments     -5.6 %     6.1 %
State tax, net of Federal benefit     -3.8 %     -0.2 %
Change in Federal rate from 34% to 21%     0.0 %     0.0 %
Federal True-ups     -2.6 %     -2.6 %
Uncertain tax positions- NOLS     -70.9 %     161.5 %
Change in valuation allowance     104.2 %     -143.5 %
Income tax provision     0.3 %     0.3 %
Schedule of federal, state and local corporate income taxes
  2020     2019  
Current taxes:            
U.S. federal   $ -     $ -  
State and local     43,312       16,407  
Total current tax expense   $ 43,312     $ 16,407  
                 
Deferred taxes:                
U.S. federal   $ -     $ -  
State and local     -       -  
Total deferred tax expense (benefit)   $ -     $ -  
Total tax provision   $ 43,312     $ 16,407  
Schedule of unrecognized tax benefits
  2020     2019  
Beginning balance   $ 10,753,384     $ -  
Additions for tax positions acquired     -       -  
Additions for tax positions related to current year     -       10,753,284  
                 
Tax positions of prior years:                
Payments     -       -  
Settlements     -       -  
Release     (10,753,384 )     -  
Ending balance   $ -     $ 10,753,284