Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of income tax provision for income taxes from continuing operations

	Years Ended
	December 31,		December 31,
	2022		2021
	($000’s omitted)
Current:
Federal	$	19	$	41
State		—		—
		19		41
Deferred:
Federal		(589)		(84)
State		—		—
		(589)		(84)
	$	(570)	$	(43)

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

	Years Ended
	December 31,		December 31,
	2022		2021
Federal statutory rate	21.0	%	21.0	%
Permanent non-taxable income	0.2	%	0.9	%
PPP Loan Forgiveness	0.0	%	(20.9)	%
Business credits	0.1	%	(2.2)	%
Stock compensation	(0.3)	%	(0.1)	%
State taxes, net of federal benefit	(0.1)	%	0.0	%
Other	0.3	%	0.2	%
	21.2	%	(1.1)	%

Schedule of deferred tax assets (liabilities)

	Years Ended
	December 31,		December 31,
	2022		2021
	($000’s omitted)
Deferred Tax Assets:
Inventories	$	316	$	326
Accrued employees compensation and benefits costs		405		444
Postretirement obligation (accumulated other comprehensive income)		621		1,039
State Net operating loss and credit carryforwards		173		147
Bad debt reserve		29		28
Warranty reserve		122		107
Research and experimental expenses		615		—
Other		—		104
Total deferred tax assets		2,281		2,195
Valuation allowance		(173)		(147)
Net deferred tax assets		2,108		2,048
Deferred tax liabilities:
Prepaid expenses		(72)		(126)
Property, plant and equipment		(964)		(1,022)
Total deferred tax liabilities		(1,036)		(1,148)
Net deferred tax assets	$	1,072	$	900