Note 10 - Income Taxes

12 Months Ended

Dec. 31, 2022

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,
	2022			2021
Current	$	1,140,000		$	1,516,000
Deferred		(27,000	)		228,000
Provision for income taxes	$	1,113,000		$	1,744,000

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

	December 31,
	2022			2021
Temporary differences:
Property and equipment	$	(920,000	)	$	(993,000	)
Intangible assets		(11,000	)		(10,000	)
Inventory reserve		32,000			79,000
Accrued expenses and inventory		191,000			216,000
Basis difference in investments		-			35,000
Foreign exchange		12,000			11,000
AMT/Foreign tax credits		128,000			42,000
State income taxes		(196,000	)		(171,000	)
Net deferred income tax liabilities	$	(764,000	)	$	(791,000	)

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,
	2022			2021
Income taxes based on U.S. statutory rate of 21% and 34%, respectively	$	923,000		$	1,785,000
FDII deduction		(22,000	)		(49,000	)
Foreign taxes		(23,000	)		(120,000	)
State taxes		170,000			219,000
Stock Compensation		60,000			(106,000	)
Other		5,000			15,000
Provision for income taxes	$	1,113,000		$	1,744,000