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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
INCOME TAXES  
Schedule of Components of Income Tax Expense (Benefit)

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Tax Expense at Statutory Rate

 

$3,019,701

 

 

$2,133,953

 

Valuation Allowance

 

 

(4,513,493)

 

 

(1,787,132)

Non-Deductible Expenses and Other

 

 

5,534

 

 

 

3,501

 

PPP Loan Forgiveness

 

 

-

 

 

 

(350,322)

State Taxes, Net of Federal Benefit

 

 

178,652

 

 

 

112,808

 

Income tax expense (benefit)

 

$(1,309,606)

 

$112,808

 

 

 

 

 

 

 

 

 

 

Current

 

$178,652

 

 

$112,808

 

Deferred benefit

 

 

(1,488,258)

 

 

-

 

Total

 

$(1,309,606)

 

$112,808

 

Schedule of Deferred Tax Assets

 

 

2022

 

 

2021

 

Deferred tax assets (liabilities):

 

 

 

 

 

 

Inventories

 

$46,557

 

 

$39,433

 

Stock options and other

 

 

6,836

 

 

 

6,836

 

Contingencies and accruals

 

 

57,822

 

 

 

224,240

 

Property and equipment

 

 

(442,012)

 

 

(297,984)

Net operating loss carryforward

 

 

1,727,126

 

 

 

4,500,023

 

Goodwill and intangibles

 

 

91,929

 

 

 

40,945

 

Total deferred tax assets, net

 

 

1,488,258

 

 

 

4,513,493

 

 

 

 

 

 

 

 

 

 

Valuation allowance

 

 

-

 

 

 

(4,513,493)

Net Deferred tax asset

 

$1,488,258

 

 

$-