Components of Income Tax Expense |
Income tax (benefit)/expense from continuing operations consisted of the following for the periods indicated: | | | | | | | | | | Years ended December 31, | | 2019 | | 2018 | Current: | | | | Federal | $ | 1,466,770 |
| | $ | (44,727 | ) | State | 227,912 |
| | 92,545 |
| Deferred federal | (2,849,371 | ) | | — |
| Deferred state | (499,661 | ) | | — |
| Income tax (benefit)/expense | $ | (1,654,350 | ) | | $ | 47,818 |
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Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities consist of the following components: | | | | | | | | | | | | December 31, 2019 | | December 31, 2018 | | | Long-Term | | | Long-Term | Bad debt and inventory reserve | | $ | 376,331 |
| | | $ | 332,721 |
| Inventory adjustment | | — |
| | | (21,785 | ) | UNICAP | | 4,828 |
| | | 2,804 |
| Deferred revenue | | 130,058 |
| | | 115,676 |
| ASC842 Lease Accounting (DTA) | | 796,864 |
| | | 288,017 |
| ASC842 Lease Accounting (DTL) | | (544,539 | ) | | | — |
| Depreciation and amortization | | (2,134,569 | ) | | | (838,540 | ) | Net operating loss carryforwards- Luna | | 349,421 |
| | | 349,421 |
| Net operating loss carryforwards- API | | 1,169,671 |
| | | 1,265,538 |
| Net operating loss carryforwards - state | | 150,050 |
| | | 179,149 |
| Net operating loss carryforwards- Canada | | 10,503 |
| | | 10,503 |
| Accrued liabilities | | 594,450 |
| | | 394,118 |
| Deferred compensation | | 294,190 |
| | | 216,944 |
| Stock-based compensation | | 373,658 |
| | | 803,757 |
| Restricted stock | | 102,741 |
| | | 60,681 |
| State bonus | | 33,791 |
| | | 44,861 |
| Performance based compensation | | 9,499 |
| | | — |
| Transaction costs | | 58,540 |
| | | 63,668 |
| Total | | 1,775,487 |
| | | 3,267,533 |
| Valuation allowance | | (359,924 | ) | | | (3,267,533 | ) | Net deferred tax asset | | $ | 1,415,563 |
| | | $ | — |
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