Note 11 - Income Taxes

12 Months Ended

Dec. 31, 2023

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,
	2023			2022
Current	$	1,558,000		$	1,140,000
Deferred		(322,000	)		(27,000	)
Provision for income taxes	$	1,236,000		$	1,113,000

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

	December 31,
	2023			2022
Temporary differences:
Property and equipment	$	(858,000	)	$	(920,000	)
Intangible assets		102,000			(11,000	)
Inventory reserve		61,000			32,000
Accrued expenses and inventory		199,000			191,000
Right of Use Asset		(1,281,000	)		-
Foreign exchange		16,000			12,000
Lease Liability		1,289,000			-
AMT/Foreign tax credits		141,000			128,000
State income taxes		(111,000	)		(196,000	)
Net deferred income tax liabilities	$	(442,000	)	$	(764,000	)

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,
	2023			2022
Income taxes based on U.S. statutory rate of 21%	$	1,150,000		$	923,000
Non-deductible meals & entertainment		12,000
FDII deduction		(6,000	)		(22,000	)
Foreign taxes		(82,000	)		(23,000	)
State taxes		169,000			170,000
Stock Compensation		18,000			60,000
Other		(25,000	)		5,000
Provision for income taxes	$	1,236,000		$	1,113,000