Annual report pursuant to Section 13 and 15(d)

Income taxes (Tables)

v3.20.1
Income taxes (Tables)
12 Months Ended
Dec. 31, 2019
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, 2019 and 2018 is as follows:
 
 
 
2019
 
2018
Pre-tax book income (loss)
 
(4,779,179
)
 
(5,768,378
)
Expected tax at 21%
 
(1,008,353
)
 
(1,211,359
)
 
 
 
 
 
 
Permanent differences:
 
 
 
 
 
Machinery & equipment
 
3,728

 
4,658

 
Mark to market
 
4,133

 
24,798

 
Goodwill impairment
 
775,572

 
922,024

 
Intangible Amortization
 
(105,573
)
 
(180,780
)
 
Stock compensation
 

 

 
Non-deductible interest
 

 

 
Other
 
(3,044
)
 
876

 
 
 
 
 
 
State taxes:
 
 
 
 
 
Current
 
15,194

 
32,748

 
Deferred
 
(110,517
)
 
(120,477
)
 
 
 
 
 
 
Other items:
 
 
 
 
 
Federal research and development credits
 
(48,153
)
 
(35,550
)
 
Change in valuation allowance
 
1,479,000

 
(153,000
)
 
Deferred tax past year true-up's
 
(30,981
)
 
(99,348
)
 
True up - ADG NOL IRC Sec 382 limitation
 

 
817,198

 
Other
 
(955,812
)
 
30,960

Income tax provision
 
$
15,194

 
$
32,748

Schedule of Deferred Tax Assets
The components of net deferred tax assets recognized in the accompanying consolidated balance sheets at December 31, 2019 and 2018 are as follows:
 
2019
 
2018
Net operating loss carryforwards
$
8,299,000

 
$
7,206,000

R&D and ITC credit carryforwards
317,000

 
244,000

Accrued expenses and other
1,224,000

 
1,140,000

Accounts receivable
20,000

 
7,000

Inventory
78,000

 
73,000

Property, plant and equipment
779,000

 
568,000

Deferred tax assets
10,717,000

 
9,238,000

Valuation allowance
(10,717,000
)
 
(9,238,000
)
Deferred tax assets, net
$

 
$