Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
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
 %