Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

A reconciliation of the federal statutory income tax provision to our actual provision for the years ended December 31, 2020 and 2019 is as follows:


		2020		2019
Pre-tax book income (loss)		$	(6,187,020)	$	(4,779,179)
Expected tax at 21%		(1,299,274)		(1,008,353)

Permanent differences:

	Mark to market	20,665		4,133
	Goodwill impairment	613,677		775,572
	Intangible Amortization	(84,085)		(105,573)


	Other	2,757		684

State taxes:
	Current	30,171		15,194
	Deferred	(161,203)		(110,517)

Other items:
	Federal research and development credits	(13,161)		(48,153)
	Change in valuation allowance	1,049,000		1,479,000
	Deferred tax past year true-up's	11,767		(30,981)





	Other	(140,143)		(955,812)
Income tax provision		$	30,171	$	15,194

The components of net deferred tax assets recognized in the accompanying consolidated balance sheets at December 31, 2020 and 2019 are as follows:


	2020		2019
Net operating loss carryforwards	$	9,341,000	$	8,299,000
R&D and ITC credit carryforwards	313,000		317,000
Accrued expenses and other	267,000		1,224,000
Intangibles	191,000		—
Leases	25,000		—
Accounts receivable	108,000		20,000
Stock options	238,000		—
Inventory	217,000		78,000
Property, plant and equipment	790,000		779,000
Other	276,000		—
Deferred tax assets	11,766,000		10,717,000
Valuation allowance	(11,766,000)		(10,717,000)
Deferred tax assets, net	$	—	$	—