INCOME TAXES (Tables)

12 Months Ended

Jan. 01, 2022

INCOME TAXES

Deferred Income Tax (Assets) Liabilities

	2021			2020
Property, plant and equipment	$	3,586,257		$	4,460,316
Right of Use Asset		2,564,741			3,014,148
Intangible assets		6,364,038			8,913,638
Other		495,881			-
Foreign Withholding Tax		60,462			250,432
Total deferred income tax liabilities		13,071,379			16,638,534
Other postretirement benefits		(292,090	)		(279,776	)
Inventories		(1,161,354	)		(1,091,887	)
Allowance for doubtful accounts		(114,113	)		(120,150	)
Accrued compensation		(390,693	)		(399,057	)
Lease Obligation		(2,564,741	)		(3,014,148	)
Pensions		(6,049,532	)		(7,761,369	)
Foreign Tax Credit		(1,164,515	)		(976,000	)
Capital Loss Carry forward		(182,582	)		-
Other		-			(97,072	)
Total deferred income tax assets		(11,919,620	)		(13,739,459	)
Net deferred income tax (assets) liabilities	$	1,151,759		$	2,899,075

Income Before Income Taxes

	2021							2020
	Continued Operations		Discontinued Operations			Total Income Statement		Continued Operations		Discontinued Operations			Total Income Statement
Domestic	$	14,574,811	$	(8,936,924	)	$	5,637,887	$	12,387,294	$	(7,191,198	)	$	5,196,096
Foreign		4,495,749		-			4,495,749		829,516		-			829,516
	$	19,070,560	$	(8,936,924	)	$	10,133,636	$	13,216,810	$	(7,191,198	)	$	6,025,612

Provision for Income Taxes

	2021									2020
	Continued Operations			Discontinued Operations			Total Income Statement			Continued Operations			Discontinued Operations			Total Income Statement
Current
Federal	$	4,075,121		$	(1,816,413	)	$	2,258,708		$	993,337		$	(1,496,443	)	$	(503,106	)
Foreign		1,509,693			(287,339	)		1,222,354			1,162,197			(65,358	)		1,096,839
State		498,939			-			498,939			223,978			-			223,978
Deferred:
Federal		(2,292,101	)		-			(2,292,101	)		(46,555	)		-			(46,555	)
Foreign		(189,970	)		-			(189,970	)		(65,315	)		-			(65,315	)
State		(713,465	)		-			(713,465	)		(85,751	)		-			(85,751	)
	$	2,888,217		$	(2,103,752	)	$	784,465		$	2,181,891		$	(1,561,801	)	$	620,090

Reconciliation of Income Taxes Computed Using the U.S. Federal Statutory Rate to that Reflected in Operations

	2021						2020
	Amount			Percent			Amount			Percent
Income taxes using U.S. federal statutory rate	$	2,128,063			21	%	$	1,265,378			21	%
State income taxes, net of federal benefit		(165,221	)		(2	)		96,742			1
Impact on Foreign Repatriation Tax Reform		11,313			0			139,765			2
Impact of foreign subsidiaries on effective tax rate		(282,614	)		(3	)		165,210			3
Impact of Research & Development tax credit		(188,944	)		(3	)		(188,944	)		(3	)
Uncertain tax positions reserve		(417,197	)		(3	)		(926,101	)		(15	)
Other net		(300,935	)		(3	)		68,040			1
	$	784,465			7	%	$	620,090			10	%

	2021						2020
	Amount			Percent			Amount			Percent
Income taxes using U.S. federal statutory rate	$	4,004,817			21	%	$	2,775,547			21	%
State income taxes, net of federal benefit		61,777			1			148,374			1
Impact on Foreign Repatriation Tax Reform		11,313			0			139,765			1
Impact of foreign subsidiaries on effective tax rate		(282,614	)		(2	)		165,210			1
Impact of Research & Development tax credit		(188,944	)		(1	)		(188,944	)		(1	)
Uncertain tax positions reserve		(417,197	)		(2	)		(926,101	)		(7	)
Other net		(300,935	)		(2	)		68,040			0
	$	2,888,217			15	%	$	2,181,891			16	%

	2021						2020
	Amount			Percent			Amount			Percent
Income taxes using U.S. federal statutory rate	$	(1,876,754	)		(21	)%	$	(1,510,152	)		(21	)%
State income taxes, net of federal benefit		(226,998	)		(3	)		(51,632	)		(1	)
	$	(2,103,752	)		(24	)%	$	(1,561,784	)		(22	)%

Reconciliation of Unrecognized Tax Benefits

	2021			2020
Balance at beginning of year	$	1,078,309		$	2,407,382
Increase (decrease) for positions taken during the current period		45,721			(28,637	)
Increase (decrease) for positions taken during the prior period		-			-
Increase (decrease) resulting from the expiration of the statute of limitations		(451,932	)		(1,300,436	)
Balance at end of year	$	672,098		$	1,078,309