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11. INCOME TAXES (Tables) | 6 Months Ended
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Jun. 30, 2012
Income Taxes Tables |
Income taxes | The provision for income taxes at June 30, 2012 and 2011 is as follows:
|  | 2012 |  |  | 2011 |
|  | (Unaudited) |  |  | (Unaudited) |
Current |  |  |  |  |  |
Federal |  | $ | 484,889 |  |  | $ | - |
Federal AMT |  |  | - |  |  |  | 25,000 |
State |  |  | 163,517 |  |  |  | - |
Total Expense |  |  | 648,406 |  |  |  | 25,000 |
Deferred |  |  |  |  |  |  |  |
Federal |  |  | - |  |  |  | - |
State |  |  | - |  |  |  | - |
Total Deferred Taxes |  |  | - |  |  |  | - |
Net Expense for Income Taxes |  | $ | 648,406 |  |  | $ | 25,000 |
Deferred tax assets | The components of net deferred tax assets as of June 30, 2012 and December 31, 2011 are set forth below:
|  | June 30, |  |  | December 31, |
Deferred tax assets: |  | 2012 |  |  | 2011 |
|  | (Unaudited) |  |  |  |
Net operating loss carry forwards |  | $ | - |  |  | $ | 289,000 |
Capital loss carry forwards |  |  | 1,088,000 |  |  |  | 1,088,000 |
Bad debts |  |  | 427,000 |  |  |  | 380,000 |
Stock based compensation - options and restricted stock |  |  | 483,000 |  |  |  | 466,000 |
Capitalized engineering costs |  |  | 396,000 |  |  |  | 356,000 |
Account payable, accrued expenses and reserves |  |  | 9,000 |  |  |  | 9,000 |
Deferred rent |  |  | 406,000 |  |  |  | 390,000 |
Inventory - 263A adjustment |  |  | 627,000 |  |  |  | - |
Lease Impairment |  |  | 114,000 |  |  |  | - |
Deferred gain on sale of real estate |  |  | 217,000 |  |  |  | 224,000 |
Section 1231 loss carryover |  |  | 86,000 |  |  |  | 86,000 |
Total deferred tax assets before valuation allowance |  |  | 3,853,000 |  |  |  | 3,288,000 |
Valuation allowance |  |  | (2,523,000 | ) |  |  | (1,217,000 | )
Total deferred tax assets after valuation allowance |  |  | 1,330,000 |  |  |  | 2,071,000 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | (721,000 | ) |  |  | (801,000 | )
Amortization - Welding Transaction |  |  | (609,000 | ) |  |  | (643,000 | )
Inventory - 263A adjustment |  |  | - |  |  |  | (627,000 | )
Total Deferred Tax Liability |  |  | (1,330,000 | ) |  |  | (2,071,000 | )
Net deferred tax asset |  | $ | - |  |  | $ | - |

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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/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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