INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

NOTE 14 — INCOME TAXES

The income tax provision reconciled to the tax computed at the statutory from continuing operations Federal Statutory rate follows:

	2023			2022
Tax Expense at Statutory Rate	$	1,894,488		$	3,019,701
Valuation Allowance		-			(4,513,493	)
Correction to Deferreds		(167,663	)		-
Non-Deductible Expenses and Other		9,178			5,534
State Taxes, Net of Federal Benefit		137,915			178,652
Income tax expense (benefit)	$	1,873,918		$	(1,309,606	)
Current	$	339,694		$	178,652
Deferred		1,534,224			(1,488,258	)
Total	$	1,873,918		$	(1,309,606	)
Deferred income taxes are comprised of the following at December 31, 2023 and 2022:
	2023			2022
Deferred tax assets (liabilities):
Inventories	$	83,963		$	46,557
Stock options and other		6,836			6,836
Contingencies and accruals		100,910			57,822
Property and equipment		(226,446	)		(442,012	)
Net operating loss carryforward		-			1,727,126
Goodwill and intangibles		(3,931	)		91,929
Total deferred tax assets (liabilities), net		(38,668	)		1,488,258
Valuation allowance		-			-
Net Deferred tax asset (liability)	$	(38,668	)	$	1,488,258

No valuation allowance was recorded against the net deferred tax asset (liability) balance as of December 31, 2023 and December 31, 2022.