Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

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

	2020			2019
Current:
Federal	$	880,149		$	(82,673	)
State		159,909			109,593
Foreign		788,314			887,556
Total:	$	1,828,372		$	914,476
Deferred:
Federal	$	(59,801	)	$	92,446
State		(40,609	)		22,634
Total:		(100,410	)		115,080
Total Income Tax Expense:	$	1,727,962		$	1,029,556

US and Foreign Income Before Income Taxes

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

	2020		2019
United States	$	4,524,432	$	800,796
Foreign		5,302,296		5,742,368
Total:	$	9,826,728	$	6,543,164

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:

	2020			2019
Federal income taxes at 21% statutory rate	$	1,864,097		$	1,365,124
State and local taxes, net of federal income tax effect		89,842			109,593
Permanent items		(99,877	)		(137,051	)
Foreign tax rate difference		(126,100	)		(209,216	)
Change in deferred income tax valuation allowance		—			(98,894	)
Provision for income taxes:	$	1,727,962		$	1,029,556

Deferred Tax Assets and Liabilities

The following summarizes deferred income tax assets and liabilities:

	2020		2019
Deferred income tax liabilities:
Plant, property and equipment	$	1,556,398	$	1,022,898
		1,556,398		1,022,898
Deferred income tax assets:
Asset valuations		992,101		604,755
Pension		—		81,561
Other		454,076		287,298
		1,446,177		973,614
Net deferred income tax liability:	$	110,221	$	49,284