v3.22.0.1

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of components of income tax provision

​

​	​	​	​	​	​	​
​		December 31, 2021
​	​	2021			2020
Current taxes	​		​	​		​
Federal	​	$	909,530	​	$	—
State	​		357,168	​		16,679
Deferred taxes	​			​
Federal	​		(212,000)	​		258,000
Stae	​		—	​		13,722
Provision for (benefit from) income taxes	​	$	1,054,698	​	$	288,401

Schedule of reconciliation of income tax provision

​

​	​	​	​	​	​	​
​		2021			2020
Rate reconciliation:	​		​	​		​
Tax expense at U.S.statutory rate	​	$	1,017,417	​	$	716,966
Change in valuation allowance	​		—	​		(446,000)
Provision-to-return reconciliation	​		(14,743)	​		21,657
Other	​		(1,976)	​		(4,222)
Income tax provision	​	$	1,054,698	​	$	288,401

Schedule of components of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​		December 31, 2021
​	​	2021			2020
Deferred tax components	​		​	​		​
Unrealized (gain) loss on marketable securities	​	$	(46,552)	​	$	(488,419)
Depreciation	​		2,458	​		3,002
Net operating loss carryforwards	​		—	​		180,460
R&D and foreign credits	​		—	​		46,957
Other	​		(906)	​		—
Net deferred tax asset (liability)	​	$	(45,000)	​	$	(258,000)

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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- Definition

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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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