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 |
) |
|
$ |
- |
|
|