Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Feb. 03, 2019
Income Tax Disclosure [Abstract]  
Schedule of deferred income taxes
  2019     2018  
             
Deferred Income Tax Assets            
Federal net operating loss carryforward   $ 708,865     $ 9,211,499  
State net operating loss carryforward     130,924       2,130,112  
Intangible assets     248,731       318,158  
Accrued liabilities     1,139,686       515,392  
Equity based compensation     171,120       38,807  
Property and equipment     1,165,359       985,871  
Merchandise inventories     154,599       63,415  
Total Deferred Income Tax Assets     3,719,284       13,263,254  
Valuation Allowance     (3,719,284 )     (13,263,254 )
Net Deferred Income Tax Asset   $ -     $ -  
Schedule of statutory federal income tax rate

    2019     2018  
(Benefit) at Federal Statutory rates   $ (1,397,881 )   $ (1,861,772 )
Permanent adjustments     406,674       62,491  
State tax, net of Federal benefit     (15,086 )     (265,277 )
Change in Federal rate from 34% to 21%     -       6,658,540  
Federal True-ups     (175,845 )     (403,322 )
Uncertain tax positions – NOLS     10,753,384       -  
Change in valuation allowance     (9,554,839 )     (4,164,660 )
Income tax provision   $ 16,407     $ 26,000  

   

    2019     2018  
(Benefit) at Federal Statutory rates     (21.0 %)     (34.0 %)
Permanent adjustments     6.1 %     1.1 %
State tax, net of Federal benefit     (0.2 %)     (4.8 %)
Change in Federal rate from 34% to 21%     -       121.6 %
Federal True-ups     (2.6 %)     (7.3 %)
Uncertain tax positions- NOLS     161.5 %     -  
Change in valuation allowance     (143.5 %)     (76.1 %)
Income tax (benefit) provision     0.3 %     0.5 %
Schedule of federal, state and local corporate income taxes
    2019     2018  
Current taxes:            
U.S. federal   $ -     $ -  
State and local     16,407       26,000  
Total current tax expense (benefit)   $ 16,407     $ 26,000  
                 
Deferred taxes:                
U.S. federal   $ -     $ -  
State and local     -       -  
Total deferred tax expense (benefit)     -       -  
Total tax (benefit) provision   $ 16,407     $ 26,000  
Schedule of unrecognized tax benefits

 

    2019     2018  
Beginning balance   $ -     $ -  
Additions for tax positions acquired     -       -  
Additions for tax positions related to current year     10,753,384       -  
                 
Tax positions of prior years:                
Payments     -       -  
Settlements     -       -  
Due to lapsed SOL     -       -  
Ending balance   $ 10,753,384     $ -