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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of provision for (benefit from) income taxes

		2018				2017
Current
Federal tax refund		$	-			$	(178,000	)
State			3,000				8,000
Prior Year overaccruals
Federal			-				-
State			-				(27,000	)
Total (Benefit) Expense			3,000				(197,000	)
Deferred Tax Benefit			(921,000	)			(2,025,000	)
Valuation Allowance			921,000				(2,025,000	)
Net Provision for (Benefit from) Income Taxes		$	3,000			$	(197,000	)

Schedule of reconciliation of our income tax rate computed using the federal statutory rate to our actual income tax rate

		2018				2017
U.S. statutory income tax rate			21.00	%			34.00	%
State taxes			-0.12	%			0.09	%
Permanent differences, overaccruals and non-deductible items			5.71	%			-0.22	%
Rate change and provision to return true-up			-18.36	%			-22.60	%
Expired stock options			0.00	%			-0.19	%
Deferred tax valuation allowance			-8.38	%			-10.09	%
Total			-0.15	%			0.99	%

Schedule of net deferred tax assets

		December 31,				December 31,
		2018				2017
Deferred tax assets
Current:
Net operating losses		$	6,811,000			$	7,730,000
Bad debts			124,000				135,000
Inventory - 263A adjustment			248,000				591,000
Accounts payable, accrued expenses and reserves			-				-
Total current deferred tax assets before valuation allowance			7,183,000				8,456,000
Valuation allowance			(7,183,000	)			(8,456,000	)
Total current deferred tax assets after valuation allowance			-				-
Non-current:
Stock based compensation - options and restricted stock			161,000				124,000
Capitalized engineering costs			809,000				281,000
Deferred rent			248,000				299,000
Amortization - NTW Transaction			810,000				519,000
Inventory reserves			942,000				960,000
Deferred gain on sale of real estate			80,000				80,000
Accrued Expenses			49,000				-
Disallowed interest			918,000				-
Other			314,000				114,000
Total non-current deferred tax assets before valuation allowance			4,331,000				2,377,000
Valuation allowance			(2,952,000	)			(758,000	)
Total non-current deferred tax assets after valuation allowance			1,379,000				1,619,000
Deferred tax liabilities:
Property and equipment			(1,379,000	)			(1,619,000	)
Amortization – NTW Goodwill			-				-
Amortization – Welding Transaction			-				-
Total non-current deferred tax liabilities			(1,379,000	)			(1,619,000	)
Net non-current 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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