Table:
|  | September 30, 2019 | September 30, 2018 |
| --- | --- | --- |
| Deferred income tax assets (liabilities): |  |  |
| Intangibles | $(75,190) | $(70,467) |
| Property and equipment depreciation | (521,586) | (552,119) |
| Net operating loss carry forwards and credits | 377,505 | 464,274 |
| Stock-based compensation | 114,118 | 151,558 |
| Inventories | 350,197 | 400,111 |
| Prepaid expenses | (63,252) | (60,806) |
| Accrued expenses and reserves | 371,414 | 250,787 |
| Goodwill | (607,882) | (583,415) |
| Gross deferred tax liability | (54,676) | (77) |
| Valuation allowance | (47,014) | (104,858) |
| Net deferred tax liability | $(101,690) | $(104,935) |
Paragraphs:
Realization of net operating loss carryforwards and other deferred tax temporary differences are contingent upon future taxable earnings. The Company’s deferred tax assets were reviewed for expected utilization by assessing the available positive and negative factors surrounding their recoverability.
As of September 30, 2018, the Company’s remaining valuation allowance of approximately $105,000 related to state net operating loss carry forwards. During the fourth quarter of 2019, the Company reversed approximately $58,000 of its valuation allowance. This consisted of decreasing the valuation allowance for the expiration and utilization of state net operating losses in 2019 of approximately $68,000 and increasing the valuation allowance by approximately $10,000 for future expected NOL utilization based on updated profitability estimates and changes to the loss utilization rules. The remaining valuation allowance balance as of September 30, 2019 of approximately $47,000 relates entirely to state net operating loss carry forwards we do not expect to utilize. The Company will continue to assess the assumptions used to determine the amount of our valuation allowance and may adjust the valuation allowance in future periods based on changes in assumptions of estimated future income and other factors. If the valuation allowance is reduced, we would record an income tax benefit in the period the valuation allowance is reduced. If the valuation allowance is increased, we would record additional income tax expense.
Significant components of deferred income tax assets and liabilities are as follows at:
Question:
What is the approximate amount of valuation allowance that the Company has reversed in the forth quarter of 2019?
Answer: $58,000