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11. INCOME TAXES (Tables)

6 Months Ended

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

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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.

+ 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

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