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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

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,		2024				2023
Current:
State		$	42,906			$	14,248
Deferred:
Federal			624,509				(12,608,425	)
State			476,039				(755,237	)
Total		$	1,143,454			$	(13,349,414	)

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

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

December 31,		2024				2023
Taxes computed at the federal statutory rate		$	932,985			$	808,876
State income tax, net			409,967				(585,381	)
Research and development tax credit			(145,954	)			(133,089	)
Change in valuation allowance			(20,846	)			(13,531,626	)
Other			(43,413	)			88,308
Permanent differences			10,715				3,498
Provision (Benefit) for income taxes		$	1,143,454			$	(13,349,414	)

The components of deferred income tax assets and liabilities are as follows at December 31:

The components of deferred income tax assets and liabilities are as follows at December 31:

Deferred Tax Assets:		2024				2023
Allowance for credit losses		$	45,969			$	20,632
Capitalized R&D			1,705,529				1,420,263
Credit carryforwards			2,424,596				2,278,642
Inventory reserve			341,031				350,073
Accrued payroll			133,052				151,986
Loss contracts reserve			4,878				75,402
Restricted stock			55,082				94,809
Acquisition costs			63,781				74,136
Lease liability			461,967				1,139,836
Disallowed interest expense			709,604				1,067,063
Net operating loss carryforward			14,643,979				16,356,545
Other			32,642				45,057
Deferred tax assets			20,622,110				23,074,444
Valuation allowance			(973,367	)			(569,143	)
Deferred Tax Liabilities:
Prepaid expenses			66,695				143,126
Revenue recognition			—				1,224,106
Property and equipment			134,214				140,449
ROU asset			610,258				1,059,496
Deferred tax liabilities		$	811,167			$	2,567,177
Net deferred tax assets		$	18,837,576			$	19,938,124

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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-Topic 740
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-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

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-Section 50
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