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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of provision for (benefit from) income taxes

		2020				2019
Current
Federal tax refund		$	(1,416,000	)		$	-
State			4,000				37,000
Total (Benefit from) Expense for Income Taxes			(1,412,000	)			37,000
Deferred Tax Benefit			-				-
Valuation Allowance			-				-
Net (Benefit from) Provision for Income Taxes		$	(1,412,000	)		$	37,000

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

		2020				2019
U.S. statutory income tax rate			21.00	%			21.00	%
State taxes			-0.90	%			-1.11	%
Permanent difference, overaccruals, and non-deductible items			159.65	%			-3.33	%
Rate change and provision to return true-up			197.34	%			0.62	%
Expired stock options			0.00	%			1.54	%
Deferred tax valuation allowance			-393.63	%			-20.13	%
Cares Act Refund			458.76	%			0.00	%
Total			442.22	%			-1.41	%

Schedule of net deferred tax assets

		December 31,				December 31,
		2020				2019
Deferred tax assets:
Current:
Net operation loss		$	6,594,000			$	8,017,000
Allowance for doubtful accounts			252,000				216,000
Inventory - IRC 263A adjustment			341,000				268,000
Stock based compensation - options and restricted stock			277,000				150,000
Capitalized engineering costs			336,000				323,000
Deferred rent			4,000				12,000
Amortization - NTW Transaction			495,000				442,000
Inventory reserve			1,250,000				1,000,000
Deferred gain on sale of real estate			132,000				84,000
Accrued Expenses			158,000				165,000
Disallowed interest			1,813,000				1,431,000
Right of Use Asset			292,000				329,000
Total non-current deferred tax asset before valuation allowance			11,944,000				12,437,000
Valuation allowance			(9,394,000	)			(10,663,000	)
Total non-current deferred tax asset after valuation allowance			2,550,000				1,774,000
Deferred tax liabilities
Property and equipment			(2,150,000	)			(1,628,000	)
Other			(400,000	)			(146,000	)
Total deferred tax liabilities			(2,550,000	)			(1,774,000	)
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

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-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.

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-Topic 740
-SubTopic 10
-Section 50
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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