Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Tax Expense

The amounts of income tax expense reflected in operations is as follows:

	2023		2022
Current:
Federal	$	3,405,403	$	65,263
State		397,174		192,215
Foreign		544,251		664,766
Total:	$	4,346,828	$	922,244
Deferred:
Federal	$	554,763	$	(238,408	)
State		39,853		(56,157	)
Total:		594,616		(294,565	)
Total Income Tax Expense:	$	4,941,444	$	627,679

US and Foreign Income Before Income Taxes

A summary of United States and foreign income before income taxes follows:

	2023		2022
United States	$	18,984,939	$	(142,095	)
Foreign		3,749,665		3,804,540
Total:	$	22,734,604	$	3,662,445

US Statutory Rate Reconciliation

The following schedule reconciles the amounts of income taxes computed at the United States statutory rates to the actual amounts reported in operations:

	2023			2022
Federal income taxes at 21% statutory rate	$	4,774,267		$	716,122
State and local taxes, net of federal income tax effect		612,818			120,922
Stock options		(385,601	)		(128,169	)
Permanent items		183,139			—
Foreign tax rate difference		(243,179	)		(81,196	)
Provision for income taxes:	$	4,941,444		$	627,679

Deferred Tax Assets and Liabilities

The following summarizes deferred income tax assets and liabilities:

	2023			2022
Deferred income tax liabilities:
Property, plant and equipment	$	2,328,345		$	2,004,200
Intangible assets		1,336,996			1,278,478
Other		609,817			251,655
Total deferred tax liabilities		4,275,158			3,534,333
Deferred income tax assets:
Net operating loss carryover		930,000			1,170,000
Stock compensation		1,964,332			1,687,357
Asset valuations		852,308			1,109,954
Other		559,174			431,737
Total deferred tax assets		4,305,814			4,399,048
Less: valuation allowance		(930,000	)		(1,170,000	)
Total deferred tax assets, net		3,375,814			3,229,048
Net deferred income tax liability:	$	899,344		$	305,285