Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of income tax provision for income taxes from continuing operations

	Years Ended
	December 31,		December 31,
	2021		2020
	($000’s omitted)
Current:
Federal	$	41	$	(47)
State		—		(24)
		41		(71)
Deferred:
Federal		(84)		33
State		—		—
		(84)		33
	$	(43)	$	(38)

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

	Years Ended
	December 31,		December 31,
	2021		2020
Federal statutory rate	21.0	%	21.0	%
Permanent non-taxable income	0.9	%	105.8	%
PPP Loan Forgiveness	(20.9)	%	0.0	%
Business credits	(2.2)	%	(61.7)	%
ESOP dividend	0.0	%	0.0	%
Stock compensation	(0.1)	%	(7.6)	%
Foreign-derived intangible income deduction	0.0	%	(55.7)	%
State taxes, net of federal benefit	0.0	%	(28.7)	%
Other	0.2	%	(34.4)	%
	(1.1)	%	(61.3)	%

Schedule of deferred tax assets (liabilities)

	Years Ended
	December 31,		December 31,
	2021		2020
	($000’s omitted)
Deferred Tax Assets:
Inventories	$	326	$	455
Accrued employees compensation and benefits costs		444		397
Postretirement obligation (accumulated other comprehensive income)		1,039		360
Warranty reserve		107		80
Operating loss carryforward		147		147
Bad debt reserve		28		40
Other		104		67
Total deferred tax assets		2,195		1,546
Valuation allowance		(147)		(147)
Net deferred tax assets		2,048		1,399
Deferred tax liabilities:
Prepaid expenses		(126)		(62)
Property, plant and equipment		(1,022)		(1,200)
Total deferred tax liabilities		(1,148)		(1,262)
Net deferred tax assets	$	900	$	137