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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

The provision (benefit) for income taxes consists of the following:

The provision (benefit) for income taxes consists of the following:

Year ended December 31,		2020			2019
Current:
Federal		$	(57,788	)	$	—
State			4,288			3,877
Deferred:
Federal			—			—
State			—			—
Total		$	(53,500	)	$	3,877

The difference between the income tax provision computed at the federal statutory rate and the actual tax provision (benefit) is accounted for as follows:

The difference between the income tax provision computed at the federal statutory rate and the actual tax provision (benefit) is accounted for as follows:

December 31,		2020			2019
Taxes computed at the federal statutory rate		$	(288,527	)	$	(1,012,457	)
State income tax, net			3,387			3,890
Research and development tax credit			(210,374	)		(180,813	)
Change in valuation allowance			393,599			1,127,573
Other			59,242			10,870
Refund from IRS audit			(57,788	)		—
Permanent differences			46,961			54,814
Provision (benefit) for income taxes		$	(53,500	)	$	3,877

The components of deferred income tax assets and liabilities are as follows:

The components of deferred income tax assets and liabilities are as follows:

Deferred Tax Assets:		2020			2019
Allowance for doubtful accounts		$	56,884		$	50,100
Credit carryforwards			1,758,809			1,435,543
Inventory reserve			307,456			423,605
Restricted stock			189,072			87,976
Other			18,654			15,237
Acquisition costs			93,063			100,774
Lease liability			940,230			934,463
Disallowed interest expense			891,345			791,785
Net operating loss carryforward			20,886,666			21,058,838
Deferred tax assets			25,142,179			24,898,321
Valuation allowance			(21,608,803	)		(21,213,040	)
Deferred Tax Liabilities:
Prepaid expenses			115,437			114,738
Revenue recognition			2,086,045			2,133,348
Property and equipment			452,384			593,678
Right of use asset			879,510			843,517
Deferred tax liabilities		$	3,533,376		$	3,685,281
Net deferred tax assets (liabilities)		$	—		$	—

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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=84230637&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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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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
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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