Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
9 Months Ended
Sep. 30, 2017
Income Tax Disclosure [Abstract]  
Schedule of provision for income taxes

The provision for income taxes consists of the following for the nine months ended September 30, 2017 and September 30, 2016:

 

    Nine Months Ended September 30,  
    2017     2016  
Current            
 Federal   $ 48,160     $ (1,284,181 )
 State     12,317       (328,435 )
Deferred                
 Federal     42,614       51,719  
 State     10,027       12,169  
Income tax expense (provision) benefit   $ 113,118     $ (1,548,728 )

  

    Nine Months Ended September30,  
    2017     2016  
Federal income tax rate     34 %     34 %
State tax, net of federal benefit     8 %     6 %
Permanent differences     %     %
Change in accrued liabilities     (32 )%     3 %
Change in valuation allowances     25 %     (7 )%
Other     5 %     %
Effective income tax rate     40 %     36 %
Schedule of deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities at September 30, 2017 and at December 31, 2016 are as follows:

 

   

September 30, 

2017 

(Unaudited) 

   

 

 

December 31, 

2016 

 
Deferred tax assets:                
Inventory reserves   $ 221,053     $ 105,000  
Accrued liabilities     138,160       209,084  
Total deferred tax assets     359,213       314,084  
Accumulated depreciation     (145,935 )     (153,447 )
Net deferred tax assets   $ 213,278     $ 160,637