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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				4,374				3,877
Deferred:
Federal				—				—
State				—				—
Total			$	(53,414	)		$	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		$	(778,715	)		$	(1,418,363	)
State income tax, net			3,454				3,890
Research and development tax credit			(210,374	)			(180,813	)
Change in valuation allowance			943,047				1,533,479
Other			—				10,870
Refund from IRS audit			(57,787	)			—
Permanent differences			46,961				54,814
Provision(benefit) for income taxes		$	(53,414	)		$	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			1,046,890				637,396
Loss contracts reserve			260,780				285,367
Restricted stock			189,072				87,976
Other			18,654				15,238
Acquisition costs			93,063				100,774
Lease liability			950,141				934,463
Disallowed interest expense			909,800				749,228
Net operating loss carryforward			20,953,330				21,016,334
Deferred tax assets			26,237,423				25,312,419
Valuation allowance			(22,704,931	)			(21,632,564	)
Deferred Tax Liabilities:
Prepaid expenses			115,437				114,738
Revenue recognition			2,086,045				2,133,348
Property and equipment			441,590				588,252
ROU asset			889,420				843,517
Deferred tax liabilities		$	3,532,492			$	3,679,855
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=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

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=121826272&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=121826272&loc=d3e32687-109319

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