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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
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:
|  | 2021 |  |  | 2020 |
Domestic |  | $ | (4,175,915 | ) |  | $ | 8,110,620 |
Foreign |  |  | 117,468 |  |  |  | 529,406 |
Income (loss) before provision for income taxes |  | $ | (4,058,447 | ) |  | $ | 8,640,026 |
Schedule of provision for income taxes | The provision (benefit) for income taxes consists of the following:
Current: |  | 2021 |  |  | 2020 |
Domestic |  | $ | — |  |  | $ | — |
State |  |  | 1,522,955 |  |  |  | — |
Foreign(1) |  |  | (37,871 | ) |  |  | 116,177 |
|  | $ | 1,485,084 |  |  | $ | 116,177 |
(1) $81,500 of expense in 2020 was recorded in Other expenses
Deferred |  |  |  |  |  |
Domestic |  | $ | (7,141,704 | ) |  | $ | — |
State and local |  |  | (1,877,538 | ) |  |  | — |
Foreign |  |  | (461,562 | ) |  |  | — |
|  |  | (9,480,804 | ) |  | $ | — |
Total |  |  | (7,995,720 | ) |  |  | 116,177 |
Schedule of effective rate on income before provision (benefit) for income taxes | The reconciliation of the U.S. federal statutory rate to the Company's effective rate on income before provision (benefit) for income taxes is as follows:
|  | 2021 |  |  | 2020 |
U.S. Statutory federal rate |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal benefit |  |  | (12.5 | )% |  |  | 4.4 | %
Stock based compensation |  |  | 50.4 | % |  |  | 6.7 | %
Change in valuation allowance |  |  | 219.8 | % |  |  | (29.8 | )%
Change in deferred balances |  |  | (80.6 | )% |  |  | — |
Other |  |  | (0.9 | )% |  |  | 0.0 | %
Effective tax rate |  |  | 197.2 | % |  |  | 2.3 | %
Schedule of deferred tax assets | Deferred tax assets and liabilities consisted of the following:
|  | December 31, 2021 |  |  | December 31, 2020 |
Net operating loss carryforwards |  | $ | 6,685,036 |  |  | $ | 12,051,503 |
Charitable Contributions |  |  | 17,339 |  |  |  | — |
Fixed Assets |  |  | (627,075 | ) |  |  | (50,411 | )
Right of Use Liability |  |  | 134,102 |  |  |  | — |
Right of Use Asset |  |  | (121,895 | ) |  |  | — |
FIN48 |  |  | 130,298 |  |  |  | — |
Stock-based compensation |  |  | 6,190,115 |  |  |  | 389,816 |
Inventory allowance |  |  | 800,443 |  |  |  | 548,118 |
Intangibles |  |  | (3,316,817 | ) |  |  | — |
Total deferred tax assets |  |  | 9,891,546 |  |  |  | 12,939,026 |
Valuation allowance |  |  | (4,018,699 | ) |  |  | (12,939,026 | )
Net Deferred Tax Assets |  |  | 5,872,847 |  |  |  | — |
Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
|  | 2021 |  |  | 2020 |
Gross unrecognized tax benefit, beginning of period |  | $ | 81,500 |  |  | $ | — |
Additions based on tax positions related to the current year |  |  | — |  |  |  | 81,500 |
Additions based on tax positions related to the prior years |  |  | 998,691 |  |  |  | — |
Reductions due to lapse in statute of limitations and settlements |  |  | — |  |  |  | — |
Gross unrecognized tax benefit, end of period |  | $ | 1,080,191 |  |  | $ | 81,500 |
Summary of the filing jurisdictions and open tax years | Below is a summary of the filing jurisdictions and open tax years:
|  | Open Years
U.S. Federal |  | 2018-2020
U.S State and local |  | 2017-2020
Non-U.S. |  | 2015-2020

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