Income taxes (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
Income Tax Disclosure [Abstract] |
|
Reconciliation of Federal Statutory Income Tax Provision To Company's Actual Provision |
A reconciliation of the federal statutory income tax provision to the Company's actual provision for the years ended December 31, 2016 and 2015 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
Pre-tax book income |
|
$ |
(1,161,245 |
) |
|
$ |
(2,800,960 |
) |
Expected tax at 34% |
|
(394,823 |
) |
|
(952,326 |
) |
|
|
|
|
|
|
Permanent differences: |
|
|
|
|
|
Machinery & equipment |
|
5,459 |
|
|
5,251 |
|
|
Other |
|
754 |
|
|
444 |
|
|
|
|
|
|
|
State taxes: |
|
|
|
|
|
Current |
|
— |
|
|
— |
|
|
Deferred |
|
(96,754 |
) |
|
120,931 |
|
|
|
|
|
|
|
Other items: |
|
|
|
|
|
Federal research and development credits |
|
(15,996 |
) |
|
(16,504 |
) |
|
Change in valuation allowance |
|
96,754 |
|
|
(120,931 |
) |
|
Deferred tax past year true-up's |
|
(8,584 |
) |
|
(47,242 |
) |
|
|
|
|
|
|
Unbenefited operating losses |
|
413,190 |
|
|
1,010,377 |
|
Income tax provision |
|
$ |
— |
|
|
$ |
— |
|
|
Schedule of Deferred Tax Assets |
The components of net deferred tax assets recognized in the accompanying consolidated balance sheets at December 31, 2016 and 2015 are as follows:
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
Net operating loss carryforwards |
$ |
6,885,000 |
|
|
$ |
6,734,000 |
|
R&D and ITC credit carryforwards |
145,000 |
|
|
— |
|
Accrued expenses and other |
1,740,000 |
|
|
1,297,000 |
|
Accounts receivable |
11,000 |
|
|
19,000 |
|
Inventory |
208,000 |
|
|
250,000 |
|
Property, plant and equipment |
125,000 |
|
|
119,000 |
|
Deferred tax assets |
9,114,000 |
|
|
8,419,000 |
|
Valuation allowance |
(9,114,000 |
) |
|
(8,552,000 |
) |
Deferred tax assets, net |
$ |
— |
|
|
$ |
(133,000 |
) |
|
Schedule of Reconciliation to Income Tax Provision |
A reconciliation of the federal statutory income tax provision to the Company's actual provision for the years ended December 31, 2016 and 2015 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
Pre-tax book income |
|
$ |
(1,161,245 |
) |
|
$ |
(2,800,960 |
) |
Expected tax at 34% |
|
(394,823 |
) |
|
(952,326 |
) |
|
|
|
|
|
|
Permanent differences: |
|
|
|
|
|
Machinery & equipment |
|
5,459 |
|
|
5,251 |
|
|
Other |
|
754 |
|
|
444 |
|
|
|
|
|
|
|
State taxes: |
|
|
|
|
|
Current |
|
— |
|
|
— |
|
|
Deferred |
|
(96,754 |
) |
|
120,931 |
|
|
|
|
|
|
|
Other items: |
|
|
|
|
|
Federal research and development credits |
|
(15,996 |
) |
|
(16,504 |
) |
|
Change in valuation allowance |
|
96,754 |
|
|
(120,931 |
) |
|
Deferred tax past year true-up's |
|
(8,584 |
) |
|
(47,242 |
) |
|
|
|
|
|
|
Unbenefited operating losses |
|
413,190 |
|
|
1,010,377 |
|
Income tax provision |
|
$ |
— |
|
|
$ |
— |
|
|