Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Significant Components Deferred Tax Liabilities |
Significant components of the Company's deferred tax liabilities and assets are as follows at the respective year ends:
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
Deferred income tax assets: |
|
|
|
Sale leaseback deferred gain |
$ |
1,310,850 |
|
|
$ |
1,382,270 |
|
Inventory valuation reserves |
174,377 |
|
|
209,745 |
|
Allowance for doubtful accounts |
35,955 |
|
|
7,944 |
|
Inventory capitalization |
1,500,710 |
|
|
943,203 |
|
Environmental reserves |
— |
|
|
124,029 |
|
Warranty accrual |
8,084 |
|
|
8,132 |
|
Deferred compensation |
28,090 |
|
|
36,617 |
|
Accrued bonus |
910,824 |
|
|
483,238 |
|
Accrued expenses |
22,957 |
|
|
24,749 |
|
State net operating loss carryforwards |
1,934,071 |
|
|
2,069,258 |
|
Equity security mark to market |
622,189 |
|
|
3,248 |
|
Straight line lease |
230,841 |
|
|
123,570 |
|
Other |
507,997 |
|
|
352,520 |
|
Total deferred income tax assets |
7,286,945 |
|
|
5,768,523 |
|
Valuation allowance |
(1,765,993 |
) |
|
(2,087,860 |
) |
Total net deferred income tax assets |
5,520,952 |
|
|
3,680,663 |
|
Deferred income tax liabilities: |
|
|
|
Tax over book depreciation and amortization |
5,120,533 |
|
|
3,971,816 |
|
Prepaid expenses |
377,498 |
|
|
174,322 |
|
Interest rate swap |
103,708 |
|
|
87,016 |
|
Other |
172,201 |
|
|
83,419 |
|
Total deferred income tax liabilities |
5,773,940 |
|
|
4,316,573 |
|
Deferred income taxes |
$ |
(252,988 |
) |
|
$ |
(635,910 |
) |
|
| Schedule of Components of Provision for Income Taxes |
Significant components of the provision for income taxes from continuing operations are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
Current: |
|
|
|
|
|
Federal |
$ |
3,468,673 |
|
|
$ |
1,067,490 |
|
|
$ |
(980,495 |
) |
State |
290,459 |
|
|
106,832 |
|
|
190,230 |
|
Total current |
3,759,132 |
|
|
1,174,322 |
|
|
(790,265 |
) |
Deferred: |
|
|
|
|
|
|
|
|
Federal |
(107,879 |
) |
|
(1,043,384 |
) |
|
(1,329,302 |
) |
State |
(275,043 |
) |
|
6,201 |
|
|
(78,433 |
) |
Total deferred |
(382,922 |
) |
|
(1,037,183 |
) |
|
(1,407,735 |
) |
Total |
$ |
3,376,210 |
|
|
$ |
137,139 |
|
|
$ |
(2,198,000 |
) |
|
| Reconciliation of Income Taxes Computed at U.S. Rate to Income Tax Expense |
The reconciliation of income tax computed at the U. S. federal statutory tax rates to income tax expense is:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
Tax at U.S. statutory rates |
$ |
3,459,464 |
|
|
21.0 |
% |
|
$ |
502,690 |
|
|
34.0 |
% |
|
$ |
(3,125,382 |
) |
|
34.0 |
% |
State income taxes, net of federal tax benefit |
268,924 |
|
|
1.6 |
% |
|
65,546 |
|
|
4.4 |
% |
|
(48,842 |
) |
|
0.5 |
% |
State valuation allowance |
(314,505 |
) |
|
(1.9 |
)% |
|
8,498 |
|
|
0.6 |
% |
|
95,961 |
|
|
(1.0 |
)% |
Life insurance cash surrender value |
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
503,700 |
|
|
(5.5 |
)% |
Manufacturing exemption |
— |
|
|
— |
% |
|
(116,980 |
) |
|
(7.9 |
)% |
|
— |
|
|
— |
% |
Stock option compensation |
(39,401 |
) |
|
(0.2 |
)% |
|
226 |
|
|
— |
% |
|
45,929 |
|
|
(0.5 |
)% |
Rate change effects |
— |
|
|
— |
% |
|
(380,961 |
) |
|
(25.8 |
)% |
|
— |
|
|
— |
% |
Other, net |
1,728 |
|
|
— |
% |
|
58,120 |
|
|
4.0 |
% |
|
330,634 |
|
|
(3.6 |
)% |
Total |
$ |
3,376,210 |
|
|
20.5 |
% |
|
$ |
137,139 |
|
|
9.3 |
% |
|
$ |
(2,198,000 |
) |
|
23.9 |
% |
|