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v3.23.1

Revision of Previously Issued Consolidated Financial Statement (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of Revision of Previously Issued Financial Statement [Abstract] |
Schedule of deferred tax assets |
|  | Year Ended December 31, |  |  |  |  |  | Year Ended December 31, |
|  | 2021 As Reported |  |  | Adjustment |  |  | 2021 As Revised |
U.S. statutory income tax rate |  |  | 21.0 | % |  |  | 0.0 | % |  |  | 21.0 | %
State taxes, net of federal benefit |  |  | 5.1 | % |  |  | (1.0 | )% |  |  | 4.1 | %
Permanent difference, overaccruals, and non-deductible items |  |  | (40.4 | )% |  |  | 46.7 | % |  |  | 6.3 | %
Change in state rate |  |  | 0.0 | % |  |  | 8.3 | % |  |  | 8.3 | %
Deferred tax valuation allowance |  |  | 14.3 | % |  |  | (53.0 | )% |  |  | (38.7 | )%
Other |  |  | 0.0 | % |  |  | (1.0 | )% |  |  | (1.0 | )%
Total |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
|  | December 31, |  |  |  |  |  | December 31, |
|  | 2021 As Reported |  |  | Adjustment |  |  | 2021 As Revised |
Deferred tax assets: |  |  |  |  |  |  |  |  |
Net operating loss |  | $ | 6,737,000 |  |  | $ | (1,778,000 | ) |  | $ | 4,959,000 |
Allowance for doubtful accounts |  |  | 155,000 |  |  |  | (6,000 | ) |  |  | 149,000 |
Inventory - IRC 263A adjustment |  |  | 394,000 |  |  |  | (17,000 | ) |  |  | 377,000 |
Stock based compensation - options and restricted stock |  |  | 393,000 |  |  |  | (210,000 | ) |  |  | 183,000 |
Capitalized engineering costs |  |  | 449,000 |  |  |  | (19,000 | ) |  |  | 430,000 |
Amortization - NTW Transaction |  |  | 442,000 |  |  |  | 3,000 |  |  |  | 445,000 |
Inventory reserve |  |  | 824,000 |  |  |  | (34,000 | ) |  |  | 790,000 |
Deferred gain on sale of real estate |  |  | 47,000 |  |  |  | (2,000 | ) |  |  | 45,000 |
Accrued expenses |  |  | 204,000 |  |  |  | (186,000 | ) |  |  | 18,000 |
Disallowed interest |  |  | 1,286,000 |  |  |  | 290,000 |  |  |  | 1,576,000 |
Operating lease liability |  |  | 235,000 |  |  |  | 749,000 |  |  |  | 984,000 |
Capital loss carryforward |  |  | 88,000 |  |  |  | (88,000 | ) |  |  | - |
Total non-current deferred tax asset before valuation allowance |  |  | 11,254,000 |  |  |  | (1,298,000 | ) |  |  | 9,956,000 |
Valuation allowance |  |  | (9,628,000 | ) |  |  | 2,125,000 |  |  |  | (7,503,000 | )
Total non-current deferred tax asset after valuation allowance |  |  | 1,626,000 |  |  |  | 827,000 |  |  |  | 2,453,000 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment |  |  | (1,626,000 | ) |  |  | (71,000 | ) |  |  | (1,697,000 | )
Operating lease ROU assets |  |  | - |  |  |  | (756,000 | ) |  |  | (756,000 | )
Total deferred tax liabilities |  |  | (1,626,000 | ) |  |  | (827,000 | ) |  |  | (2,453,000 | )
Net deferred tax asset |  | $ | - |  |  | $ | - |  |  | $ | - |
|  | December 31, |  |  |  |  |  | December 31, |
|  | 2020 As Reported |  |  | Adjustment |  |  | 2020 As Revised |
Deferred tax assets: |  |  |  |  |  |  |  |  |
Net operating loss |  | $ | 6,594,000 |  |  | $ | (1,422,000 | ) |  | $ | 5,172,000 |
Allowance for doubtful accounts |  |  | 252,000 |  |  |  | (3,000 | ) |  |  | 249,000 |
Inventory - IRC 263A adjustment |  |  | 341,000 |  |  |  | (3,000 | ) |  |  | 338,000 |
Stock based compensation - options and restricted stock |  |  | 277,000 |  |  |  | (73,000 | ) |  |  | 204,000 |
Capitalized engineering costs |  |  | 336,000 |  |  |  | 228,000 |  |  |  | 564,000 |
Deferred Rent |  |  | 4,000 |  |  |  | - |  |  |  | 4,000 |
Amortization - NTW Transaction |  |  | 495,000 |  |  |  | (73,000 | ) |  |  | 422,000 |
Inventory reserve |  |  | 1,250,000 |  |  |  | (579,000 | ) |  |  | 671,000 |
Deferred gain on sale of real estate |  |  | 132,000 |  |  |  | (1,000 | ) |  |  | 131,000 |
Accrued expenses |  |  | 158,000 |  |  |  | (158,000 | ) |  |  | - |
Disallowed interest |  |  | 1,813,000 |  |  |  | (18,000 | ) |  |  | 1,795,000 |
Operating lease liability |  |  | 292,000 |  |  |  | 905,000 |  |  |  | 1,197,000 |
Total non-current deferred tax asset before valuation allowance |  |  | 11,944,000 |  |  |  | (1,197,000 | ) |  |  | 10,747,000 |
Valuation allowance |  |  | (9,394,000 | ) |  |  | 1,262,000 |  |  |  | (8,132,000 | )
Total non-current deferred tax asset after valuation allowance |  |  | 2,550,000 |  |  |  | 65,000 |  |  |  | 2,615,000 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment |  |  | (2,150,000 | ) |  |  | 443,000 |  |  |  | (1,707,000 | )
Operating lease ROU assets |  |  | - |  |  |  | (908,000 | ) |  |  | (908,000 | )
Other |  |  | (400,000 | ) |  |  | 400,000 |  |  |  | - |
Total deferred tax liabilities |  |  | (2,550,000 | ) |  |  | (65,000 | ) |  |  | (2,615,000 | )
Net deferred tax asset |  | $ | - |  |  | $ | - |  |  | $ | - |

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