INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Net Deferred Tax Assets and Liabilities

The components of net deferred tax assets and liabilities at December 31, 2021 and 2020 are set forth below:

	December 31, 2021		December 31, 2020
Deferred tax assets:
Federal NOL Carryforward	$	1,926,000	$	1,794,200
UNICAP	598,400		193,000
Lease Liability	736,400		176,700
Stock Based compensation	54,900		9,200
Investments	7,000		57,100
Total assets	$	3,322,700	$	2,230,200

Deferred tax liabilities:
Property and equipment	$	1,948,900	$	1,705,400
Right of use assets	724,800		183,500
Total liabilities	$	2,673,700	$	1,888,900
Subtotal deferred tax assets	649,000		341,300
Valuation Allowance	—		(341,300)
Net deferred tax assets	$	649,000	$	—

Schedule of Components of Income Tax Expense and the Effective Tax Rates

The components of income tax expense and the effective tax rates for the years ended December 31, 2021 and 2020 are as follows:

	Year Ended		Year Ended
	December 31, 2021		December 31, 2020
Current:
Federal	$	2,394,500	$	—
State	21,400		—
Total Current	2,415,900		—
Deferred:
Federal	(649,000)		(224,500)
State	—		—
Total Deferred	(649,000)		(224,500)
Valuation Allowance	—		341,300
Total Income Tax Expense	$	1,766,900	$	116,800

Schedule of Effective Income Tax Rate Reconciliation

The expected tax rate differs from the U.S. Federal statutory rate as follows:

	2021		2020
US Federal statutory rate	21.0	%	21.0	%
Change in Federal Valuation Allowance	(3.1)	%	(9.4)	%
Tax Credits	(2.6)	%	—	%
Incentive Stock Options	0.5	%	—	%
Adjustment of Deferred Tax	0.2	%	(16.3)	%
State Taxes	0.2	%	—	%
Change in Tax Rate	0.1	%	—	%
PPP Loan forgiveness	—	%	3.2	%
Non-controlling Interest	—	%	(1.3)	%

Other	0.1	%	(0.4)	%
Effective Tax Rate	16.4	%	(3.2)	%