Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
Significant components of the provision for income taxes from continuing operations are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2015 |
Current: |
|
|
|
|
|
Federal |
$ |
1,067,490 |
|
|
$ |
(980,495 |
) |
|
$ |
1,415,142 |
|
State |
106,832 |
|
|
190,230 |
|
|
233,626 |
|
Total current |
1,174,322 |
|
|
(790,265 |
) |
|
1,648,768 |
|
Deferred: |
|
|
|
|
|
|
|
|
Federal |
(1,043,384 |
) |
|
(1,329,302 |
) |
|
(47,530 |
) |
State |
6,201 |
|
|
(78,433 |
) |
|
197,762 |
|
Total deferred |
(1,037,183 |
) |
|
(1,407,735 |
) |
|
150,232 |
|
Total |
$ |
137,139 |
|
|
$ |
(2,198,000 |
) |
|
$ |
1,799,000 |
|
|
| Significant components of the Company’s deferred tax liabilities and assets |
Income Taxes
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax liabilities and assets are as follows at the respective year ends:
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
Deferred income tax assets: |
|
|
|
Sale leaseback deferred gain |
$ |
1,382,270 |
|
|
$ |
2,387,309 |
|
Inventory valuation reserves |
209,745 |
|
|
379,005 |
|
Allowance for doubtful accounts |
7,944 |
|
|
28,556 |
|
Inventory capitalization |
943,203 |
|
|
1,780,957 |
|
Environmental reserves |
124,029 |
|
|
199,191 |
|
Interest rate swap |
— |
|
|
15,185 |
|
Warranty accrual |
8,132 |
|
|
62,035 |
|
Deferred compensation |
36,617 |
|
|
60,745 |
|
Accrued bonus |
483,238 |
|
|
337,028 |
|
Accrued expenses |
24,749 |
|
|
77,629 |
|
State net operating loss carryforwards |
2,069,258 |
|
|
1,724,843 |
|
Other |
479,338 |
|
|
389,530 |
|
Total deferred income tax assets |
5,768,523 |
|
|
7,442,013 |
|
Valuation allowance |
(2,087,860 |
) |
|
(1,790,051 |
) |
Total net deferred income tax assets |
3,680,663 |
|
|
5,651,962 |
|
Deferred income tax liabilities: |
|
|
|
Tax over book depreciation and amortization |
3,971,816 |
|
|
6,946,812 |
|
Prepaid expenses |
174,322 |
|
|
211,300 |
|
Interest rate swap |
87,016 |
|
|
— |
|
Other |
83,419 |
|
|
103,342 |
|
Total deferred income tax liabilities |
4,316,573 |
|
|
7,261,454 |
|
Deferred income taxes |
$ |
(635,910 |
) |
|
$ |
(1,609,492 |
) |
|
| Reconciliation of income tax computed at the U. S. federal statutory tax rates to income tax expense for continuing operations |
The reconciliation of income tax computed at the U. S. federal statutory tax rates to income tax expense is:
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|
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|
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|
2017 |
|
2016 |
|
2015 |
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
Tax at U.S. statutory rates |
$ |
502,690 |
|
|
34.0 |
% |
|
$ |
(3,125,382 |
) |
|
34.0 |
% |
|
$ |
(2,880,574 |
) |
|
34.0 |
% |
State income taxes, net of federal tax benefit |
65,546 |
|
|
4.4 |
% |
|
(48,842 |
) |
|
0.5 |
% |
|
285,426 |
|
|
(3.4 |
)% |
State valuation allowance |
8,498 |
|
|
0.6 |
% |
|
95,961 |
|
|
(1.0 |
)% |
|
94,068 |
|
|
(1.1 |
)% |
Life insurance cash surrender value |
— |
|
|
— |
% |
|
503,700 |
|
|
(5.5 |
)% |
|
— |
|
|
— |
% |
Earn-out adjustments |
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
(857,061 |
) |
|
10.1 |
% |
Manufacturing exemption |
(116,980 |
) |
|
(7.9 |
)% |
|
— |
|
|
— |
% |
|
(187,604 |
) |
|
2.2 |
% |
Stock option compensation |
226 |
|
|
— |
% |
|
45,929 |
|
|
(0.5 |
)% |
|
94,637 |
|
|
(1.1 |
)% |
Uncertain tax positions |
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
(139,000 |
) |
|
1.6 |
% |
Rate change effects |
(380,961 |
) |
|
(25.8 |
)% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
Goodwill impairment |
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
5,405,302 |
|
|
(63.8 |
)% |
Other, net |
58,120 |
|
|
4.0 |
% |
|
330,634 |
|
|
(3.6 |
)% |
|
(16,194 |
) |
|
0.3 |
% |
Total |
$ |
137,139 |
|
|
9.3 |
% |
|
$ |
(2,198,000 |
) |
|
23.9 |
% |
|
$ |
1,799,000 |
|
|
(21.2 |
)% |
|