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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes for the years ended December 31, 2023 and 2022, is set forth below:
|  | Year Ended |  |  | Year Ended |
|  | December 31, |  |  | December 31, |
Current |  | 2023 |  |  | 2022 |
Federal |  | $ | - |  |  | $ | - |
State |  |  | - |  |  |  | - |
Total Provision for Income Taxes |  | $ | - |  |  | $ | - |
Schedule of Federal Statutory Rate | The following is a reconciliation of our income tax rate computed using the federal statutory rate to our actual income tax rate for the years ended December 31, 2023 and 2022 is set forth below:
|  | Year Ended |  |  | Year Ended |
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
U.S. statutory income tax rate |  |  | 21.00 | % |  |  | 21.00 | %
State taxes, net of federal benefit |  |  | 2.43 | % |  |  | 4.10 | %
Permanent difference and non-deductible items |  |  | -2.71 | % |  |  | -6.90 | %
Change in state rate |  |  | -15.20 | % |  |  | 0.70 | %
Deferred tax valuation allowance |  |  | -10.13 | % |  |  | -18.40 | %
Other |  |  | 4.61 | % |  |  | -0.50 | %
Total |  |  | 0.00 | % |  |  | 0.00 | %
Schedule of Deferred Tax Assets | The components of net deferred tax assets at December 31, are set forth below:
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Current: |  |  |  |  |  |
Net operation loss carryforwards |  | $ | 4,996,000 |  |  | $ | 5,075,000 |
Allowance for credit loss |  |  | 133,000 |  |  |  | 71,000 |
Inventory - IRC 263A adjustment |  |  | 336,000 |  |  |  | 411,000 |
Stock-based compensation - options and restricted stock |  |  | 159,000 |  |  |  | 183,000 |
Capitalized engineering costs |  |  | 211,000 |  |  |  | 331,000 |
Amortization - NTW Transaction |  |  | 251,000 |  |  |  | 359,000 |
Inventory reserve |  |  | 715,000 |  |  |  | 932,000 |
Deferred gain on sale of real estate |  |  | 23,000 |  |  |  | 36,000 |
Accrued expenses |  |  | 37,000 |  |  |  | 30,000 |
Disallowed interest |  |  | 2,024,000 |  |  |  | 1,663,000 |
Operating lease liabilities |  |  | 546,000 |  |  |  | 814,000 |
Total deferred tax asset, before valuation allowance |  |  | 9,431,000 |  |  |  | 9,905,000 |
Valuation allowance |  |  | (7,903,000 | ) |  |  | (7,701,000 | )
Total deferred tax asset, net of valuation allowance |  |  | 1,528,000 |  |  |  | 2,204,000 |
Deferred tax liabilities |  |  | (1,114,000 | ) |  |  | (1,583,000 | )
Property and equipment |  |  | (414,000 | ) |  |  | (621,000 | )
Total deferred tax liabilities |  |  | (1,528,000 | ) |  |  | (2,204,000 | )
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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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