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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
INCOME TAXES |
Schedule of provision (benefit) for income taxes | The provision (benefit) for income taxes consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
Current tax provision (benefit) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | (33,734) | ​ | $ | 33,734 | ​ | $ | 1,448,000
State | ​ |  | 7,893 | ​ |  | (65,529) | ​ |  | (8,711,302)
Total current provision (benefit) | ​ |  | (25,841) | ​ |  | (31,795) | ​ |  | (7,263,302)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax provision (benefit) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | 8,285,927 | ​ |  | (1,855,875) | ​ |  | 3,717,559
State | ​ |  | 106,104 | ​ |  | (17,491) | ​ |  | 3,629,613
Total deferred tax provision (benefit) | ​ |  | 8,392,031 | ​ |  | (1,873,366) | ​ |  | 7,347,172
Total income tax provision | ​ | $ | 8,366,190 | ​ | $ | (1,905,161) | ​ | $ | 83,870
​
Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities | Deferred taxes are provided for those items reported in different periods for income tax and financial reporting purposes. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023
Deferred tax assets | ​ | ​ | ​ | ​ | ​ | ​
Net operating loss carry forwards | ​ | $ | 8,466,565 | ​ | $ | 4,654,612
Accrued expenses and reserves | ​ |  | 647,654 | ​ |  | 782,233
Employee stock option expense | ​ |  | 13,311 | ​ |  | 13,311
Inventories | ​ |  | 345,926 | ​ |  | 299,276
Deferred income – TIA contract | ​ | ​ | 13,495,321 | ​ | ​ | 14,742,111
Capital loss | ​ | ​ | 269,651 | ​ | ​ | 188,270
Interest expense limitation | ​ | ​ | - | ​ | ​ | —
Deferred tax assets | ​ |  | 23,238,428 | ​ |  | 20,679,814
Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
Unrealized gains/losses | ​ | ​ | (1,088,481) | ​ | ​ | 1,194,734
Property, plant, and equipment | ​ |  | (13,046,294) | ​ |  | (13,199,805)
Deferred tax liabilities | ​ |  | (14,134,775) | ​ |  | (12,005,071)
Net deferred assets | ​ |  | 9,103,653 | ​ |  | 8,674,743
Valuation allowance | ​ |  | (9,103,653) | ​ |  | (282,713)
Net deferred tax assets | ​ | $ | 0 | ​ | $ | 8,392,030
*Certain totals may not reconcile due to rounding. ​
Schedule of reconciliation of the federal statutory corporate tax rate to the Company's effective tax rate | A reconciliation of the federal statutory corporate tax rate to the Company’s effective tax rate is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | December 31, |
​ |  | ​ | 2024 |  | 2023 |  | 2022 |
U.S. statutory federal tax rate |  |  | 21.0 | ​ | 21.0 | % | 21.0 | %
State tax, net of federal tax |  |  | (0.6) | ​ | 0.8 |  | 1.0 |
Change in valuation allowance |  |  | (250.6) | ​ | — |  | 5.5 |
Valuation Allowance |  |  | — | ​ | (0.2) |  | 4 |
Stock options | ​ | ​ | — | ​ | — | ​ | 10.8 | ​
Section 162(m); Limit on Compensation | ​ | ​ | (0.8) | ​ | (0.2) | ​ | 30.9 | ​
State rate change | ​ | ​ | — | ​ | — | ​ | (75.1) | ​
Return-to-provision and other |  |  | (6.7) | ​ | 0.1 |  | 3.7 |
Effective tax rate |  |  | (237.7) | % | 21.5 | % | 1.6 | %
​

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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 + 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://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 + Details
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