| Income tax (benefit) expense from continuing operations consists of the following: |
Income tax
(benefit) expense from continuing operations consists of the following:
| |
|
|
|
|
|
|
|
|
| |
|
Year
Ended December 31 |
|
| |
|
2020 |
|
|
2019 |
|
| Current year income taxes (benefit): |
|
|
|
|
|
|
|
|
| Federal |
|
$ |
(9,000 |
) |
|
$ |
(45,000 |
) |
| State |
|
|
20,000 |
|
|
|
20,000 |
|
| Current year income tax (benefit) |
|
|
11,000 |
|
|
|
(25,000 |
) |
| |
|
|
|
|
|
|
|
|
| Deferred income taxes: |
|
|
|
|
|
|
|
|
| Federal |
|
$ |
9,000 |
|
|
$ |
10,000 |
|
| Deferred income taxes (benefit) |
|
|
9,000 |
|
|
|
10,000 |
|
| |
|
|
|
|
|
|
|
|
| Income
tax expense (benefit) |
|
$ |
20,000 |
|
|
$ |
(15,000 |
) |
|
| Deferred tax assets and liabilities as of December 31 related to the following: |
Deferred
tax assets and liabilities as of December 31 related to the following:
| |
|
2020 |
|
|
2019 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Allowance
for doubtful accounts |
|
$ |
26,000 |
|
|
$ |
29,000 |
|
| Inventory |
|
|
798,000 |
|
|
|
1,254,000 |
|
| Accrued and
prepaid expenses |
|
|
314,000 |
|
|
|
302,000 |
|
| Lease liability |
|
|
70,000 |
|
|
|
44,000 |
|
| Domestic
net operating loss carry-forward |
|
|
3,398,000 |
|
|
|
2,141,000 |
|
| Long-term
compensation plans |
|
|
— |
|
|
|
248,000 |
|
| Nonemployee
director stock compensation |
|
|
552,000 |
|
|
|
514,000 |
|
| Other stock
compensation |
|
|
82,000 |
|
|
|
51,000 |
|
| Intangible
assets |
|
|
— |
|
|
|
253,000 |
|
| Foreign net
operating loss carry-forwards and credits |
|
|
3,261,000 |
|
|
|
3,087,000 |
|
| Federal and
state credits |
|
|
767,000 |
|
|
|
767,000 |
|
| Other |
|
|
18,000 |
|
|
|
17,000 |
|
| |
|
|
|
|
|
|
|
|
| Gross deferred tax assets |
|
|
9,286,000 |
|
|
|
8,707,000 |
|
| Valuation
allowance |
|
|
(8,728,000 |
) |
|
|
(8,170,000 |
) |
| |
|
|
|
|
|
|
|
|
| Net deferred
tax assets |
|
|
558,000 |
|
|
|
537,000 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities |
|
|
|
|
|
|
|
|
| Depreciation |
|
|
(318,000 |
) |
|
|
(485,000 |
) |
| Intangible
assets |
|
|
(175,000 |
) |
|
|
— |
|
| Lease
right-of-use asset |
|
|
(65,000 |
) |
|
|
(42,000 |
) |
| |
|
|
|
|
|
|
|
|
| Net deferred
tax liability |
|
|
(558,000 |
) |
|
|
(527,000 |
) |
| |
|
|
|
|
|
|
|
|
| Total
net deferred tax asset |
|
$ |
— |
|
|
$ |
10,000 |
|
|
| Changes in the Company’s uncertain tax positions are summarized as follows: |
Changes in
the Company’s uncertain tax positions are summarized as follows:
| |
|
2020 |
|
|
2019 |
|
| Uncertain tax positions
– January 1 |
|
$ |
101,000 |
|
|
$ |
60,000 |
|
| Gross increases
- current period tax positions |
|
|
14,000 |
|
|
|
41,000 |
|
| Uncertain tax positions
– December 31, 2020 |
|
$ |
115,000 |
|
|
$ |
101,000 |
|
|