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10. INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Provision for income taxes

		Year Ended December 31,
		2019				2018
Current tax expense:
Federal		$	130,248			$	292,951
State			63,496				175,055
			193,744				468,006
Deferred tax expense (benefit):
Federal			591,493				478,106
State			166,886				134,894
			758,379				613,000
Total		$	952,123			$	1,081,006

Effective income tax rate differs from the federal statutory rate

		Year Ended December 31,
		2019				2018
Federal statutory rate			21.00	%			21.00	%
State taxes, net of federal benefit			5.93	%			5.93	%
Permanent differences			0.47	%			0.46	%
Tax credits			0.00	%			0.00	%
Prior year adjustments			-0.01	%			0.12	%
Changes in tax rates and other			0.11	%			-0.07	%
			27.50	%			27.44	%

Deferred tax assets and (liabilities)

		2019				2018
Deferred gain on sale-leaseback		$	-			$	6,727
Other			61,319				48,263
Prepaids			(52,309	)			(40,692	)
Depreciation			(2,493,973	)			(1,989,100	)
Inventory			(473,643	)			(225,425	)
Net noncurrent deferred tax liability			(2,958,606	)			(2,200,227	)
Valuation allowance			-				-
Net deferred tax liability		$	(2,958,606	)		$	(2,200,227	)

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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
-Paragraph 9
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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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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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