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INCOME TAXES | 9 Months Ended
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Sep. 30, 2014
Income Taxes |
INCOME TAXES | The provision for income taxes as at September 30, are set forth below:
|  | 2014 |  |  | 2013 |
|  | (Unaudited) |  |  | (Unaudited) |
Current |  |  |  |  |  |
Federal |  | $ | 1,061,000 |  |  | $ | 922,000 |
State |  |  | 18,000 |  |  |  | 277,000 |
Prior year (over) under accruals |  |  |  |  |  |  |  |
Federal |  |  | 10,000 |  |  |  | (206,000 | )
State |  |  | (290,000 | ) |  |  | (244,000 | )
Total Expense |  |  | 799,000 |  |  |  | 749,000 |
Deferred Tax Benefit |  |  | (1,021,000 | ) |  |  | (1,625,000 | )
Net Benefit for Income Taxes |  | $ | (222,000 | ) |  | $ | (876,000 | )
The components of net deferred tax assets as of September 30, 2014 and December 31, 2013 are set forth below:
|  | September 30, |  |  | December 31, |
|  | 2014 |  |  | 2013 |
|  | (Unaudited) |  |  |  |
Deferred tax assets: |  |  |  |  |  |
Current: |  |  |  |  |  |
Bad debts |  |  | 434,000 |  |  |  | 313,000 |
Inventory - 263A adjustment |  |  | 867,000 |  |  |  | 729,000 |
Account payable, accrued expenses and reserves |  |  | 9,000 |  |  |  | 9,000 |
Total current deferred tax |  | $ | 1,310,000 |  |  | $ | 1,051,000 |
Non- Current: |  |  |  |  |  |  |  |
Capital loss carry forwards |  | $ | 1,088,000 |  |  | $ | 1,088,000 |
Section 1231 loss carry forward |  |  | 4,000 |  |  |  | 4,000 |
Stock based compensation - options and restricted stock |  |  | 526,000 |  |  |  | 521,000 |
Capitalized engineering costs |  |  | 528,000 |  |  |  | 503,000 |
Deferred rent |  |  | 475,000 |  |  |  | 453,000 |
Amortization - NTW Transaction |  |  | 597,000 |  |  |  | 475,000 |
Lease Impairment |  |  | 29,000 |  |  |  | 51,000 |
Deferred gain on sale of real estate |  |  | 183,000 |  |  |  | 194,000 |
Total non-current deferred tax assets before valuation allowance |  |  | 3,430,000 |  |  |  | 3,289,000 |
Valuation allowance |  |  | (1,092,000 | ) |  |  | (1,092,000 | )
Total non-current deferred tax assets after valuation allowance |  |  | 2,338,000 |  |  |  | 2,197,000 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | (922,000 | ) |  |  | (1,497,000 | )
Goodwill - NTW Transaction |  |  | (10,000 | ) |  |  | (7,000 | )
Amortization - Welding Transaction |  |  | (458,000 | ) |  |  | (508,000 | )
Total Deferred Tax Liability |  |  | (1,390,000 | ) |  |  | (2,012,000 | )
Net non-current deferred tax assets |  | $ | 948,000 |  |  | $ | 185,000 |
During the year ended December 31, 2013, the Company determined that it no longer needed to provide a valuation allowance on the net deferred tax assets except for the capital loss and section 1231 loss carryforwards. This was based upon the fact that management believed that the net deferred tax assets were more likely than not to be realized. The valuation allowance at both September 30, 2014 and December 31, 2013 was $1,092,000. The Company has a capital loss carry forward from the sale of Sigma Metals, Inc., the Company’s former subsidiary, of $2,719,000, which will expire in fiscal 2015.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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