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INCOME TAXES (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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