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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
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, |  |  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |  |
Federal |  |  | $ | 1,210 |  |  | $ | (57,788 | )
State |  |  |  | 13,399 |  |  |  | 4,374 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  |  | — |  |  |  | — |
State |  |  |  | — |  |  |  | — |
Total |  |  | $ | 14,609 |  |  | $ | (53,414 | )
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, |  | 2021 |  |  | 2020 |
Taxes computed at the federal statutory rate |  | $ | 1,435,346 |  |  | $ | (778,715 | )
State income tax, net |  |  | 10,585 |  |  |  | 3,454 |
Research and development tax credit |  |  | (198,507 | ) |  |  | (210,374 | )
Change in valuation allowance |  |  | (247,094 | ) |  |  | 943,047 |
PPP Loan forgiveness |  |  | (1,006,950 | ) |  |  | — |
Other |  |  | (22,879 | ) |  |  | — |
Refund from IRS audit |  |  | — |  |  |  | (57,787 | )
Permanent differences |  |  | 44,108 |  |  |  | 46,961 |
Provision(benefit) for income taxes |  | $ | 14,609 |  |  | $ | (53,414 | )
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: |  | 2021 |  |  | 2020 |
Allowance for doubtful accounts |  | $ | 45,794 |  |  | $ | 56,884 |
Credit carryforwards |  |  | 2,005,909 |  |  |  | 1,758,809 |
Inventory reserve |  |  | 1,137,436 |  |  |  | 1,046,890 |
Accrued Payroll |  |  | 88,118 |  |  |  | — |
Loss contracts reserve |  |  | 185,329 |  |  |  | 260,780 |
Restricted stock |  |  | 191,076 |  |  |  | 189,072 |
Other |  |  | 20,244 |  |  |  | 18,654 |
Acquisition costs |  |  | 86,841 |  |  |  | 93,063 |
Lease liability |  |  | 1,751,168 |  |  |  | 950,141 |
Accrued legal |  |  | 33,438 |  |  |  | — |
Disallowed interest expense |  |  | 801,385 |  |  |  | 909,800 |
Net operating loss carryforward |  |  | 20,140,818 |  |  |  | 20,953,330 |
Deferred tax assets |  |  | 26,487,556 |  |  |  | 26,237,423 |
Valuation allowance |  |  | (22,235,611 | ) |  |  | (22,704,931 | )
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Prepaid expenses |  |  | 136,381 |  |  |  | 115,437 |
Revenue recognition |  |  | 2,144,797 |  |  |  | 2,086,045 |
Property and equipment |  |  | 269,653 |  |  |  | 441,590 |
ROU asset |  |  | 1,701,114 |  |  |  | 889,420 |
Deferred tax liabilities |  | $ | 4,251,945 |  |  | $ | 3,532,492 |
Net deferred tax 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 + Details
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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 + Details
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