Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2015
Income Taxes  
Schedule of components of provision for income taxes

 

 

Years Ended December 31,

 

 

 

2015

 

2014

 

Current taxes:

 

 

 

 

 

U.S. federal

 

$
3,874,171

 

$
1,022,098

 

State

 
245,204

 
112,144

 

 

 

 

 

 

 

Total current tax expense

 
4,119,375

 
1,134,242

 

Deferred taxes:

 

 

 

 

 

U.S. federal

 
(13,171

)
(149,247

)

State

 
(1,590

)
(18,020

)

 

 

 

 

 

 

Total deferred tax benefit

 
(14,761

)
(167,267

)

 

 

 

 

 

 

Income tax expense

 

$
4,104,614

 

$
966,975

 

 

 

 

 

 

 

 

 

 

Schedule of significant components of deferred taxes

 

 

Years Ended December 31,

 

 

 

2015

 

2014

 

Deferred tax assets:

 

 

 

 

 

Current deferred tax assets:

 

 

 

 

 

Reserves and allowances

 

$
205,595 

 

$
119,548 

 

 

 

 

 

 

 

 

 

Total current deferred tax assets

 

$
205,595 

 

$
119,548 

 

 

 

 

 

 

 

 

 

Noncurrent deferred tax assets:

 

 

 

 

 

Stock compensation

 

$
427,133 

 

$
417,956 

 

Other

 
35,511 

 
14,689 

 

 

 

 

 

 

 

Total noncurrent deferred tax assets

 

$
462,644 

 

$
432,645 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

Current deferred tax liabilities:

 

 

 

 

 

Reserves and allowances

 

$
64,149 

 

$
3,209 

 

 

 

 

 

 

 

 

 

Total current deferred tax liabilities

 

$
64,149 

 

$
3,209 

 

 

 

 

 

 

 

 

 

Noncurrent deferred tax liabilities:

 

 

 

 

 

Depreciation and amortization

 

$
374,246 

 

$
356,088 

 

 

 

 

 

 

 

 

 

Total noncurrent deferred tax liabilities

 
374,246 

 
356,088 

 

 

 

 

 

 

 

 

Schedule of reconciliation of statutory U.S. Federal tax rate to effective rate

 

 

Years Ended December 31,

 

 

 

2015

 

2014

 

Statutory U.S. federal tax rate

 
34.0

%
34.0

%

State taxes, net of federal benefit

 
1.8

 
2.0

 

Stock compensation expense

 
2.9

 
0.3

 

Domestic production activities deduction

 
(1.8

)
(2.1

)

Research and development credits

 
(1.1

)
(1.8

)

Permanent items

 
(0.5

)
(0.4

)

 

 

 

 

 

 

Total

 
35.3

%
32.0

%