INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of provision (benefit) for income taxes

	For the Years Ended December 31,
	2021		2020		2019
Current tax provision (benefit)
Federal	$	20,041,644	$	4,431,590	$	—
State		8,079,555		2,049,850		7,875
Total current provision (benefit)		28,121,199		6,481,440		7,875
Deferred tax provision (benefit)
Federal		(6,719,211)		(3,428,399)		—
State		(2,515,418)		(1,202,807)		—
Total deferred tax provision (benefit)		(9,234,629)		(4,631,206)		—
Total income tax provision (benefit)	$	18,886,570	$	1,850,234	$	7,875

Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities

	December 31,
	2021		2020
Deferred tax assets
Net operating loss carry forwards	$	130,643	$	198,675
Accrued expenses and reserves		1,298,083		824,920
Employee stock option expense		958,530		15,188
Nonemployee stock option expense		8,887		8,515
Inventories		118,201		98,748
Deferred income – TIA contract		18,199,768		5,675,617
Deferred tax assets		20,714,112		6,821,663
Deferred tax liabilities
Unrealized gains/losses		(665,960)		(508,197)
Property, plant, and equipment		(6,182,318)		(1,682,260)
Deferred tax liabilities		(6,848,278)		(2,190,457)
Net deferred tax assets	$	13,865,834	$	4,631,206

Schedule of reconciliation of income taxes based on the federal statutory rate and the effective income tax rate

	December 31,
	2021		2020		2019
U.S. statutory federal tax rate	21.0	%	21.0	%	21.0	%
State tax, net of federal tax	6.4		4.2		2.0
Change in valuation allowance	—		(19.2)		(35.6)
Valuation Allowance	—		(0.6)		—
Stock options	(0.1)		—		—
PPP loan	(0.4)		—		—
Return-to-provision and other	(1.7)		1.7		12.9
Effective tax rate	25.2	%	7.1	%	0.3	%