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INCOME TAXES (Tables)

12 Months Ended

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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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

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

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-SubTopic 10
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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.

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