Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Taxes  
Schedule Of Pre Tax Earnings

Pre-tax earnings consisted of the following for the years ended:

December 31, 

December 31, 

December 31, 

    

2020

    

2019

    

2018

Pre-Tax Income (Loss)

 

  

 

  

 

  

U.S.

$

(18,238,773)

$

(26,482,033)

$

(22,082,137)

Outside the U.S.

 

286,601

 

5,663

 

206,424

Total Pre-Tax Income (Loss)

$

(17,952,172)

$

(26,476,370)

$

(21,875,713)

Schedule of Components of Income Tax Expense (Benefit)

The provision expense/(benefit) for income taxes for the years ended December 31, 2020, 2019 and 2018 was as follows:

    

2020

    

2019

    

2018

U.S. Income Taxes:

 

  

 

  

 

  

Current Provision

$

$

$

Deferred Provision

 

(3,897,293)

 

(5,382,746)

 

(4,848,470)

Valuation Allowance

 

3,897,293

 

5,382,746

 

4,848,470

Income Taxes Outside the U.S.:

 

 

 

  

Current Provision

 

 

 

Deferred Provision

 

7,916

 

(511,672)

 

41,285

Valuation Allowance

 

(7,916)

 

511,672

 

(41,285)

State Income Taxes:

 

  

 

  

 

  

Current Provision

 

 

 

Deferred Provision

 

(94,324)

 

(189,200)

 

(140,933)

Valuation Allowance

 

94,324

 

189,200

 

140,933

Total Provision

$

$

$

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. federal income tax rate to the effective rates for the years ended December 31, 2020, 2019 and 2018 is as follows:

    

2020

    

2019

    

2018

%  

%  

%

Federal Income Tax at Statutory Rate

 

21.0

 

21.0

 

21.0

State Tax Provision, Net of Federal Benefit

 

0.3

 

0.3

 

0.3

Permanent Differences

 

(0.4)

 

(0.1)

 

(1.5)

Forgiveness of PPP Loan

1.8

Federal Tax Credits

 

1.1

 

1.3

 

2.5

Stock Compensation

(2.0)

(1.9)

Foreign Tax Provision

0.3

1.9

Other

 

0.1

 

0.5

 

0.3

Effective Tax Rate

 

22.2

 

23.0

 

22.6

Change in Valuation Allowance

 

(22.2)

 

(23.0)

 

(22.6)

Net Effective Tax Rate

 

 

 

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at year end are as follows:

December 31, 

December 31, 

December 31, 

    

2020

    

2019

    

2018

Deferred Tax Assets:

 

  

 

  

 

  

Net Operating Loss Carry-forwards

$

29,264,829

$

25,678,591

$

20,920,285

Tax Credit Carry-forwards

 

3,778,001

 

3,535,863

 

3,035,384

Inventory Valuation Adjustment

 

847,441

 

982,160

 

104,450

Stock-Based Compensation

 

208,803

 

 

175,753

Lease Obligation Liability

323,186

446,488

Other

 

368,243

 

263,348

 

207,327

Total Deferred Tax Assets

 

34,790,503

 

30,906,450

 

24,443,199

Deferred Tax Liabilities:

 

  

 

  

 

  

Income from Foreign Operations

 

10,727

 

 

59,123

Lease Right of Use Asset

323,186

446,488

Other

 

27,262

 

14,335

 

22,069

Total Deferred Tax Liabilities

 

361,175

 

460,823

 

81,192

Net Deferred Tax Assets Before Valuation Allowance

$

34,429,328

$

30,445,627

$

24,362,007

Valuation Allowance

 

(34,429,328)

 

(30,445,627)

 

(24,362,007)

Net Deferred Tax Assets

$

$

$