Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of income tax provision for income taxes from continuing operations

	December 31,		December 31,
	2019		2018
	($000’s omitted)
Current:
Federal	$	363	$	639
State		45		2
		408		641
Deferred:
Federal		171		96
		171		96
	$	579	$	737

Schedule of the reconciliation of effective tax rate from continuing operations and the federal statutory income tax rate

	December 31,		December 31,
	2019		2018
Federal statutory rate	21.0	%	21.0	%
Permanent non-deductible expenses	2.6	%	0.3	%
Business credits	(3.0)	%	(0.6)	%
ESOP dividend	(0.6)	%	(0.4)	%
Stock compensation	(0.1)	%	(0.4)	%
Domestic production activities deduction	0.0	%	(0.4)	%
Foreign-derived intangible income deduction	(1.2)	%	(1.8)	%
State taxes, net of federal benefit	1.3	%	0.0	%
Other	1.5	%	(0.3)	%
	21.5	%	17.4	%

Schedule of deferred tax assets (liabilities)

	December 31,		December 31,
	2019		2018
	($000’s omitted)
Deferred Tax Assets:
Inventories	$	473	$	417
Accrued employees compensation and benefits costs		446		478
Accrued arbitration award and related liability		324		234
Net operating loss and credit carryforwards		236		248
Bad debt reserve		71		37
Warranty reserve		88		90
Total deferred tax assets		1,638		1,504
Valuation allowance		(236)		(248)
Net deferred tax assets		1,402		1,256
Deferred tax liabilities:
Prepaid expenses		(32)		(28)
Property, plant and equipment		(1,238)		(910)
Other		—		(14)
Minimum pension liability		(25)		(9)
Total deferred tax liabilities		(1,295)		(961)
Net deferred tax assets	$	107	$	295