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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
INCOME TAXES |
Schedule of provision (benefit) for income taxes |
|  | For the Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Current tax provision (benefit) |  |  |  |  |  |  |  |  |
Federal |  | $ | 4,431,590 |  | $ | — |  | $ | (13,318)
State |  |  | 2,049,850 |  |  | 7,875 |  |  | —
Total current provision (benefit) |  |  | 6,481,440 |  |  | 7,875 |  |  | (13,318)
Deferred tax provision (benefit) |  |  |  |  |  |  |  |  |
Federal |  |  | (3,428,399) |  |  | — |  |  | —
State |  |  | (1,202,807) |  |  | — |  |  | —
Total deferred tax provision (benefit) |  |  | (4,631,206) |  |  | — |  |  | —
Total income tax provision (benefit) |  | $ | 1,850,234 |  | $ | 7,875 |  | $ | (13,318)
Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities |
|  | December 31,
|  | 2020 |  | 2019
Deferred tax assets |  |  |  |  |  |
Net operating loss carry forwards |  | $ | 198,675 |  | $ | 5,748,724
Accrued expenses and reserves |  |  | 824,920 |  |  | 573,382
Employee stock option expense |  |  | 15,188 |  |  | 75,591
Nonemployee stock option expense |  |  | 8,515 |  |  | 8,207
Inventories |  |  | 98,748 |  |  | 110,455
Impairment |  |  | — |  |  | 111,178
Deferred income – TIA contract |  |  | 5,675,617 |  |  | —
Unrealized gains/losses |  |  | — |  |  | 30,434
Deferred tax assets |  |  | 6,821,663 |  |  | 6,657,971
Deferred tax liabilities |  |  |  |  |  |
Unrealized gains/losses |  |  | (508,197) |  |  | —
Property, plant, and equipment |  |  | (1,682,260) |  |  | (1,628,133)
Deferred tax liabilities |  |  | (2,190,457) |  |  | (1,628,133)
Net deferred assets |  |  | 4,631,206 |  |  | 5,029,838
Valuation allowance |  |  | — |  |  | (5,029,838)
Net deferred tax assets |  | $ | 4,631,206 |  | $ | —
Schedule of reconciliation of income taxes based on the federal statutory rate and the effective income tax rate |
|  | December 31, |
|  | 2020 |  | 2019 |  | 2018 |
Income tax at the federal statutory rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State tax, net of federal tax |  | 4.2 |  | 2.0 |  | 3.5 |
Change in valuation allowance |  | (19.2) |  | (35.6) |  | (24.3) |
Permanent differences |  | (0.6) |  | — |  | (0.3) |
Return-to-provision and other |  | 1.7 |  | 12.9 |  | (0.9) |
Tax Reform and Jobs Act tax rate change |  | — |  | — |  | 0.1 |
Effective tax rate |  | 7.1 | % | 0.3 | % | (0.9) | %

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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=84230637&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=84230637&loc=d3e32537-109319 + Details
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