Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

A reconciliation of the federal statutory income tax provision to our actual provision for the years ended December 31, 2021 and 2020 is as follows:


		2021		2020
Pre-tax book income (loss)		3,760,508		$	(6,187,020)
Expected tax at 21%		789,707		(1,299,274)

Permanent differences:

	Mark to market	6,605		20,665
	Goodwill impairment	—		613,677
	Intangible amortization	(67,008)		(84,085)
	Paycheck Protection Program loan forgiveness	(792,333)		—

	Other	3,873		2,757

State taxes:
	Current	19,491		30,171
	Deferred	(6,121)		(161,203)

Other items:
	Federal research and development credits	—		(13,161)
	Change in valuation allowance	84,000		1,049,000
	Deferred tax past year true-up's	(15,228)		11,767





	Other	(3,495)		(140,143)
Income tax provision		$	19,491	$	30,171

The components of net deferred tax assets recognized in the accompanying consolidated balance sheets at December 31, 2021 and 2020 are as follows:


	2021		2020
Net operating loss carryforwards	$	9,293,000	$	9,341,000
R&D and ITC credit carryforwards	303,000		313,000
Accrued expenses and other	338,000		267,000
Intangibles	176,000		191,000
Leases	22,000		25,000
Accounts receivable	141,000		108,000
Stock options	288,000		238,000
Inventory	265,000		217,000
Property, plant and equipment	754,000		790,000
Other	270,000		276,000
Deferred tax assets	11,850,000		11,766,000
Valuation allowance	(11,850,000)		(11,766,000)
Deferred tax assets, net	$	—	$	—