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INCOME TAXES (Tables)

12 Months Ended

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
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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
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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