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Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income taxes

Schedule of components of income before income taxes

The components of income before income taxes for the years ended December 31, 2020 and 2019 are as follows:

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2020			2019
Foreign (not subject to income taxes)	​	$	6,475,693	​	$	13,593,497
Mexico	​		(4,903,988)	​		(2,458,210)
United States	​		2,956,552	​		2,657,405
​	​		4,528,257	​		13,792,692
Less gain on sale of discontinued operations	​	​	—	​	​	(3,621,170)
Less discontinued operations	​		4,902,243	​		2,333,255
​	​	$	9,430,500	​	$	12,504,777

​

Schedule of provision for income taxes deferred tax benefit relating to U.S. operations

The Company’s provision for income taxes for the years ended December 31, 2020 and 2019, which related to U.S. operations, consisted of the following:

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2020			2019
Current:	​	​	​	​	​	​
Federal	​	$	191,322	​	$	143,567
State	​	​	87,630	​	​	171,093
Foreign	​	​	—	​	​	—
Total	​	​	278,952	​	​	314,660
Deferred:	​		​	​		​
Federal	​	​	(132,957)	​	​	(203,031)
State	​	​	(59,271)	​	​	(45,008)
Foreign	​	​	—	​	​	—
Total	​	​	(192,228)	​	​	(248,039)
Total provision	​	$	86,724	​	$	66,621

​

Schedule of reconciliation of federal tax rate to the effective rate

A reconciliation of the U.S. statutory federal tax rate to the effective rate for the years ended December 31, 2020 and 2019 is as follows:

​

​	​	​	​	​	​
​	​	Year Ended December 31,
​		2020		2019
U.S. statutory federal rate	​	21.00	%	21.00	%
State taxes, net of federal effect		4.00	%	4.38	%
Nontaxable foreign income		(17.28)	%	(19.98)	%
Research & development tax credit		(11.73)	%	(3.82)	%
Permanent items		(0.67)	%	(0.87)	%
Valuation allowance for deferred tax assets		5.60	%	(0.18)	%
​		0.92	%	0.53	%

​

Schedule of tax effects of significant items net long-term deferred tax assets liability

The tax effects of significant items comprising the Company’s net long-term deferred tax liability as of December 31, 2020 and 2019 were as follows:

​

​	​	​	​	​	​	​
​	​	December 31,
​		2020			2019
Continuing Operations	​	​	​	​	​	​
Deferred tax assets:		​			​
Research & development tax credits	​	$	613,003	​	$	166,653
Accrued compensation	​	​	110,092	​	​	—
Valuation allowances	​		(496,343)	​		(43,900)
​	​		226,752	​		122,753
Deferred tax liabilities:	​			​
Property and equipment	​		252,800	​		148,707
Intangible assets	​		1,188,009	​		1,380,328
​	​		1,440,809	​		1,529,035
​	​	​	​	​	​	​
Net deferred tax liability	​	$	1,214,057	​	$	1,406,282
​	​	​	​	​	​	​
Discontinued Operations	​	​	​	​	​	​
Deferred tax assets:	​	​	​	​	​	​
Operating loss carryforwards - Mexico	​	$	4,296,453	​	$	3,427,295
Land basis difference - Mexico	​	​	1,262,159	​	​	1,164,365
Start-up costs - Mexico	​	​	4,904,337	​	​	4,608,990
Valuation allowances	​	​	(10,462,949)	​	​	(9,200,650)
​	​	$	—	​	$	—

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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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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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