Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Deferred Income Tax (Assets) Liabilities

	2022			2021
Property, plant and equipment	$	3,568,209		$	3,586,257
Right of Use Asset		2,786,486			2,564,741
Intangible assets		3,374,192			6,364,038
Other		876,731			495,881
Foreign Withholding Tax		60,462			60,462
Total deferred income tax liabilities		10,666,080			13,071,379
Other postretirement benefits		(151,486	)		(292,090	)
Inventories		(1,562,175	)		(1,161,354	)
Allowance for doubtful accounts		(160,446	)		(114,113	)
Accrued compensation		(498,530	)		(390,693	)
Lease Obligation		(2,786,486	)		(2,564,741	)
Pensions		(5,042,030	)		(6,049,532	)
Foreign Tax Credit		(953,916	)		(1,164,515	)
Capital Loss Carry forward		-			(182,582	)
Total deferred income tax assets		(11,155,069	)		(11,919,620	)
Net deferred income tax (assets) liabilities	$	(488,989	)	$	1,151,759

Income Before Income Taxes

	2022						2021
	Continuing Operations		Discontinued Operations		Total Income Statement		Continuing Operations		Discontinued Operations			Total Income Statement
Domestic	$	12,787,773	$	1,666,312	$	14,454,085	$	14,574,811	$	(8,936,924	)	$	5,637,887
Foreign		1,615,144		-		1,615,144		4,495,749		-			4,495,749
	$	14,402,917	$	1,666,312	$	16,069,229	$	19,070,560	$	(8,936,924	)	$	10,133,636

Provision for Income Taxes

	2022								2021
	Continuing Operations			Discontinued Operations		Total Income Statement			Continuing Operations			Discontinued Operations			Total Income Statement
Current
Federal	$	4,528,423		$	332,665	$	4,861,088		$	4,075,121		$	(1,816,413	)	$	2,258,708
Foreign		572,555			-		572,555			1,509,693			(287,339	)		1,222,354
State		1,361,461			84,190		1,443,651			498,939			-			498,939
Deferred:
Federal		(2,567,573	)		-		(2,567,573	)		(2,292,101	)		-			(2,292,101	)
Foreign		-			-		-			(189,970	)		-			(189,970	)
State		(542,410	)		-		(542,410	)		(713,465	)		-			(713,465	)
	$	3,352,456		$	414,855	$	3,767,311		$	2,888,217		$	(2,103,752	)	$	784,465

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

	2022						2021
	Amount			Percent			Amount			Percent
Income taxes using U.S. federal statutory rate	$	3,374,538			21	%	$	2,128,063			21	%
State income taxes, net of federal benefit		714,416			4			(165,221	)		(2	)
Impact on Foreign Repatriation Tax Reform		-			0			11,313			0
Impact of foreign subsidiaries on effective tax rate		(41,404	)		0			(282,614	)		(3	)
Impact of Research & Development tax credit		(131,005	)		(1	)		(188,944	)		(3	)
Uncertain tax positions reserve		54,705			0			(417,197	)		(3	)
Other net		(203,939	)		(1	)		(300,935	)		(3	)
	$	3,767,311			23	%	$	784,465			7	%

	2022						2021
	Amount			Percent			Amount		Percent
Income taxes using U.S. federal statutory rate	$	3,024,612			21	%	$	4,004,817		21	%
State income taxes, net of federal benefit		649,486			4			61,777		1
Impact on Foreign Repatriation Tax Reform		-			0			11,313		0
Impact of foreign subsidiaries on effective tax rate		(41,404	)		0			(282,614		(2	)
Impact of Research & Development tax credit		(131,005	)		(1	)		(188,944		(1	)
Uncertain tax positions reserve		54,705			0			(417,197		(2	)
Other net		(203,938	)		(1	)		(300,935		(2	)
	$	3,352,456			23	%	$	2,888,217		15	%

	2022					2021
	Amount		Percent			Amount			Percent
Income taxes using U.S. federal statutory rate	$	349,925		21	%	$	(1,876,754	)		21	%
State income taxes, net of federal benefit		64,930		4			(226,998	)		3
	$	414,855		25	%	$	(2,103,752	)		24	%

Reconciliation of Unrecognized Tax Benefits

	2022			2021
Balance at beginning of year	$	672,098		$	1,078,309
Increase for positions taken during the current period		58,586			45,721
Increase (decrease) for positions taken during the prior period		-			-
Decrease resulting from the expiration of the statute of limitations		(45,166	)		(451,932	)
Balance at end of year	$	685,518		$	672,098