Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax Expense

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

	2022			2021
Current:
Federal	$	65,263		$	4,980
State		192,215			153,937
Foreign		664,766			870,739
Total:	$	922,244		$	1,029,656
Deferred:
Federal	$	(238,408	)	$	401,196
State		(56,157	)		88,403
Total:		(294,565	)		489,599
Total Income Tax Expense:	$	627,679		$	1,519,255

US and Foreign Income Before Income Taxes

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

	2022			2021
United States	$	(142,095	)	$	9,721,756
Foreign		3,804,540			5,453,178
Total:	$	3,662,445		$	15,174,934

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:

	2022			2021
Federal income taxes at 21% statutory rate	$	716,122		$	2,915,698
State and local taxes, net of federal income tax effect		120,922			115,855
Permanent items		(128,169	)		(1,508,877	)
Foreign tax rate difference		(81,196	)		(3,421	)
Provision for income taxes:	$	627,679		$	1,519,255

Income tax expense in 2021 included a $1.4 million tax credit for stock-based compensation.

Deferred Tax Assets and Liabilities

The following summarizes deferred income tax assets and liabilities:

	2022		2021
Deferred income tax liabilities:
Property, plant and equipment	$	2,004,200	$	1,916,218
		2,004,200		1,916,218
Deferred income tax assets:
Asset valuations		1,109,954		983,055
Other		588,961		333,883
		1,698,915		1,316,938
Net deferred income tax liability:	$	305,285	$	599,280