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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of domestic and foreign components | The domestic and foreign components of the Company's income before provision for income taxes are as follows:
|  | 2020 |  |  | 2019 |
Domestic |  | $ | 8,110,620 |  |  | $ | 9,789,538 |
Foreign |  |  | 529,406 |  |  |  | 181,722 |
Income before provision for income taxes |  | $ | 8,640,026 |  |  | $ | 9,971,260 |
Schedule of provision for income taxes | Components of the provision for income taxes are as follows:
Current: |  | 2020 |  |  | 2019 |
Domestic |  | $ | 2,717,564 |  |  | $ | 2,897,092 |
State |  |  | 562,924 |  |  |  | 600,112 |
Foreign |  |  | 382,543 |  |  |  | 50,155 |
|  | $ | 3,663,031 |  |  | $ | 3,547,359 |
Deferred |  |  |  |  |  |
Domestic |  | $ | 471,198 |  |  | $ | - |
State |  |  | 97,605 |  |  |  | - |
Foreign |  |  | 141,577 |  |  |  | - |
|  |  | 710,380 |  |  | $ | - |
Valuation Allowance |  |  | (4,175,734 | ) |  |  | (3,547,359 | )
|  |  |  |  |  |  | - |
Income Tax Expense |  |  | 197,677 |  |  |  | - |
Schedule of difference between the effective income tax rate and the applicable statutory federal income tax | A reconciliation of the total provision for income taxes after applying the U.S. federal statutory rate of 21% to income before provision for income taxes to the reported provision for income taxes are as follows:
|  | 2020 |  |  | 2019 |
U.S. Statutory federal rate |  |  | 21.0 | % |  |  | 21.0 | %
State income tax rate, net of federal benefit |  |  | 4.35 | % |  |  | 4.35 | %
Permanent differences, including stock-based compensation |  |  | 6.72 | % |  |  | 9.25 | %
Change in valuation allowance, including effect of change in tax rates |  |  | (29.77 | )% |  |  | (34.72 | )%
Difference in foreign tax rates |  |  | 0.01 | % |  |  | 0.12 | %
Effective tax rate |  |  | 2.30 | % |  |  | 0.0 | %
Schedule of deferred tax assets |
|  | December 31, 2020 |  |  | December 31, 2019 |
Deferred Tax Assets: |  |  |  |  |  |  |  |
U.S. federal and state net operating loss carryforwards |  | $ | 5,121,094 |  |  | $ | 8,400,000 |
Foreign net operating loss carryforwards |  |  | 7,000,000 |  |  |  | 7,900,000 |
Stock-based compensation |  |  | 389,816 |  |  |  | - |
Inventory allowance |  |  | 408,829 |  |  |  | 95,000 |
Allowance for doubtful accounts |  |  | 139,289 |  |  |  | 74,000 |
Total deferred tax assets |  |  | 13,059,028 |  |  |  | 16,469,000 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | 50,411 |  |  |  | 19,000 |
|  |  | - |  |  |  | - |
Total deferred tax liabilities |  |  | 50,411 |  |  |  | 19,000 |
Valuation Allowance |  |  | 13,008,617 |  |  |  | 16,450,000 |
Net Deferred Tax Assets |  |  | - |  |  |  | - |

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