Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of provision (benefit) for income taxes
    Year Ended  
    December 31,
2020
    December 31,
2019
 
Income Tax Expense (benefit)            
Current federal tax expense            
Federal   $ 1,732,230     $ 479,000  
State     768,231       -  
Deferred tax (benefit)                
Federal   $ 1,705,540     $ (479,000 )
State     226,590       -  
Valuation allowance     (1,181,700 )        
Total   $ 3,250,891     $ -  
Schedule of deferred tax assets and liabilities
    Year Ended  
    December 31,
2020
    December 31,
2019
 
Deferred tax assets:            
Net operating losses   $ -     $ 1,033,300  
Deferred right to use lease liabilities     3,248,501       1,671,700  
Stock based compensation     756,789       354,800  
Inventory reserves     235,612       -  
Warranty reserves     146,472       -  
Accruals and other     180,345       160,200  
      4,567,719       3,220,000  
Deferred tax liabilities:                
Deferred right to use lease assets     (3,146,758 )     (1,678,300 )
Accumulated depreciation and amortization   $ (2,171,391 )   $ (360,000 )
      (5,318,149 )     2,038,300  
Gross deferred tax asset (liability)     (750,430 )     1,181,700  
Valuation Allowance     -       (1,181,700 )
Deferred tax asset (liability), net   $ (750,430 )   $ -  
Schedule of U.S. federal statutory income tax rate

    Years Ended December 31,  
    2020     2019  
Federal statutory tax rate     21 %     21 %
State and local income taxes (net of federal tax benefit)     6 %     4 %
      27 %     25 %
                 
Other                  6 %                     -  
Non-deductible compensation     3 %     -  
Incentive stock options     4 %        
Basis adjustments     12 %     -  
Valuation allowance     (14 )%     (25 )%
      38 %     0 %