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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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,			2022				2021
Current:
Federal			$	—			$	1,210
State				21,332				13,399
Deferred:
Federal				(6,428,448)				—
State				(146,015)				—
Total			$	(6,553,131)			$	14,609

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,		2022				2021
Taxes computed at the federal statutory rate		$	550,850			$	1,435,346
State income tax, net			(98,499	)			10,585
Research and development tax credit			(190,656	)			(198,507	)
Change in valuation allowance			(6,616,952	)			(247,094	)
PPP loan forgiveness			—				(1,006,950	)
Other			51,696				(22,879	)
Accrued loss reserve adjustment			(253,738	)			—
Permanent differences			4,168				44,108
Provision(benefit) for income taxes		$	(6,553,131	)		$	14,609

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:		2022				2021
Allowance for doubtful accounts		$	60,100			$	45,794
Capitalized R&D			864,969				—
Credit carryforwards			2,193,146				2,005,909
Inventory reserve			1,130,788				1,137,436
Accrued payroll			267,819				88,118
Loss contracts reserve			46,205				185,329
Restricted stock			160,989				191,076
Other			20,659				20,244
Acquisition costs			77,762				86,841
Lease liability			1,469,551				1,751,168
Accrued legal			159,849				33,438
Disallowed interest expense			1,268,226				801,385
Net operating loss carryforward			19,493,530				20,140,818
Deferred tax assets			27,213,593				26,487,556
Valuation allowance			(14,916,923	)			(22,235,611	)
Deferred Tax Liabilities:
Prepaid expenses			207,980				136,381
Revenue recognition			3,966,404				2,144,797
Property and equipment			156,794				269,653
ROU asset			1,391,029				1,701,114
Deferred tax liabilities		$	5,722,207			$	4,251,945
Net deferred tax assets		$	6,574,463			$	—

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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 https://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 https://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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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