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INCOME TAXES (Tables) | 9 Months Ended
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Sep. 30, 2014
Series B Convertible Preferred Stock par Value |
Provision for income | 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 | )
Deferred tax assets | 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 |

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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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