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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components Income Tax Provision

The components of the provision for income taxes consists of the following for the years ended December 31, 2021 and 2020:

 Schedule of Components Income Tax Provision

		2021				2020
		Year Ended December 31,
		2021				2020
Current:
Federal		$	6,092,730			$	-
State			886,173				637,760
Total current		$	6,978,903			$	637,760
Deferred:
Federal			1,394,686				(452,544	)
State			603,642				(94,680	)
Total deferred			1,998,328				(547,224	)
Total income tax expense		$	8,977,231			$	90,536

Schedule of Benefit from Income Taxes and Effective Tax Rates

A reconciliation of income tax expense at the statutory federal income tax rate and income taxes as reflected in the financial statements is as follows:

 Schedule of Benefit from Income Taxes and Effective Tax Rates

		2021				2020
		Year Ended December 31,
		2021				2020
Federal income tax expense at statutory rate			21.0	%			21.0	%
State income tax expense, net of federal tax benefit			3.9				3.3
Permanent differences:
- Foreign derived intangible income deduction			(3.5)				(1.7)
- Stock based compensation			0.2				(8.8)
- Other permanent differences			0.3				(0.4)
Research and development credits			(2.6)				(2.0)
Change in uncertain tax positions			1.4				1.1
Change in valuation allowance			0.0				(12.1)
Other			(1.0)				(0.2)
Effective income tax rate			19.7	%			0.2	%

Schedule of Deferred Tax Assets

Net deferred tax assets consist of the following components as of December 31, 2021 and 2020:

Schedule of Deferred Tax Assets 

		2021				2020
		December 31,
		2021				2020
Deferred tax assets:
Accrued liabilities		$	-			$	37,898
Reserves and allowances			166,050				200,049
Deferred compensation			393,871				241,652
Research and development credits			-				423,001
Total deferred tax assets			559,921				902,600
Deferred tax liabilities:
Property and equipment, net			(477,542	)			(233,951	)
Intangibles, net			(6,743,972	)			-
Prepaids			(560,093	)			(66,456	)
Other			(6,758	)			(54,969	)
Total deferred tax liabilities			(7,788,365	)			(355,376	)
Net deferred tax assets (liabilities)			(7,228,444	)			547,224
Less valuation allowance			-				-
Net deferred tax assets (liabilities)		$	(7,228,444	)		$	547,224

Schedule of Unrecognized Tax Benefits

 Schedule of Unrecognized Tax Benefits

		December 31,
		2021				2020
Unrecognized tax benefits at the beginning of the year		$	447,831			$	-
Gross increases - current year tax positions			770,069				232,145
Gross increases - prior year tax positions			-				215,686
Gross decreases - prior year tax positions			(150,047	)			-
Unrecognized tax benefits at end of year		$	1,067,853			$	447,831
Interest and penalties in year-end balance		$	-			$	-

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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.

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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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Tabular disclosure of the change in unrecognized tax benefits.

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