Note 11 - Income Taxes

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

11. Income Taxes

The provision (benefit) for income taxes consisted of the following:

	For the Years Ended December 31,
	2021		2020
Current	$	1,516,000	$	5,313,000
Deferred		228,000		47,000
Provision for income taxes	$	1,744,000	$	5,360,000

Deferred income tax assets (liabilities) consisted of the following:

	December 31,
	2021			2020
Temporary differences:
Property and equipment	$	(993,000	)	$	(706,000	)
Intangible assets		(10,000	)		(9,000	)
Inventory reserve		79,000			24,000
Accrued expenses and inventory		216,000			250,000
Basis difference in investments		35,000			35,000
Foreign exchange		11,000			(40,000	)
AMT/Foreign tax credits		42,000			-
State income taxes		(171,000	)		(117,000	)
Net deferred income tax liabilities	$	(791,000	)	$	(563,000	)

The provision for income taxes differs from the amount that would be obtained by applying the U.S. statutory rate to income before income taxes as a result of the following:

	For the Years Ended December 31,
	2021			2020
Income taxes based on U.S. statutory rate of 21% and 34%, respectively	$	1,785,000		$	6,772,000
Non-deductible meals and entertainment		-			5,000
FDII deduction		(49,000	)		(348,000	)
Foreign taxes		(120,000	)		(38,000	)
State taxes		219,000			747,000
Stock Compensation		(106,000	)		(2,171,000	)
Other		15,000			393,000
Provision for income taxes	$	1,744,000		$	5,360,000