XML 36 R17.htm IDEA: XBRL DOCUMENT v3.25.1

Income taxes

12 Months Ended

Dec. 31, 2024

Income taxes

Income taxes

11. Income taxes

The components of income before income taxes for the years ended December 31, 2024, 2023, and 2022 are as follows:

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024			2023			2022
Foreign (not subject to income taxes)	​	$	10,699,269	​	$	10,002,233	​	$	6,958,583
Mexico	​		10,922,374	​		(742,367)	​		(987,279)
United States	​		9,412,015	​		27,649,330	​		1,394,642
​	​		31,033,658	​		36,909,196	​		7,365,946
Discontinued operations	​		(10,355,184)	​		1,086,744	​		2,371,049
​	​	$	20,678,474	​	$	37,995,940	​	$	9,736,995

​

The Company’s provision for (benefit from) income taxes for the years ended December 31, 2024, 2023, and 2022, which related to U.S. operations, consisted of the following:

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024			2023			2022
Current:	​	​	​	​	​	​	​	​	​
Federal	​	$	2,282,566	​	$	5,611,360	​	$	430,116
State	​	​	255,835	​	​	1,663,653	​	​	(29,157)
Foreign	​	​	—	​	​	—	​	​	—
Total current income tax expense (benefit)	​	​	2,538,401	​	​	7,275,013	​	​	400,959
Deferred:	​		​	​		​	​		​
Federal	​	​	(267,100)	​	​	(276,070)	​	​	(184,469)
State	​	​	(52,787)	​	​	(248,929)	​	​	180,249
Foreign	​	​	—	​	​	—	​	​	—
Total deferred income tax expense (benefit)	​	​	(319,887)	​	​	(524,999)	​	​	(4,220)
Total provision for (benefit from) income taxes	​	$	2,218,514	​	$	6,750,014	​	$	396,739

​

A reconciliation of the U.S. statutory federal tax rate to the effective rate for the years ended December 31, 2024, 2023, and 2022 is as follows:

​

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024		2023		2023
U.S. statutory federal rate	​	21.00	%	21.00	%	21.00	%
State taxes, net of federal effect		0.72	%	2.88	%	8.88	%
Foreign rate differential		(11.45)	%	(5.71)	%	(25.57)	%
Research and development tax credit		—	%	—	%	(1.92)	%
Permanent items		0.46	%	(0.32)	%	(0.70)	%
Change in valuation allowance		—	%	(0.08)	%	2.38	%
​		10.73	%	17.77	%	4.07	%

​

The tax effects of significant items comprising the Company’s net long-term deferred tax liability as of December 31, 2024 and 2023 were as follows:

​

​	​	​	​	​	​	​
​	​	December 31,
​		2024			2023
Continuing Operations	​	​	​	​	​	​
Deferred tax assets:		​			​
Net operating loss carryforwards	​	$	80,285	​	$	130,911
Accruals and reserves	​	​	209,549	​	​	146,057
Operating lease liabilities	​	​	425,797	​	​	501,397
Capitalized research expenditures	​	​	316,937	​	​	326,178
Others	​	​	88,750	​	​	29,094
Valuation allowances	​		—	​		—
​	​		1,121,318	​		1,133,637
Deferred tax liabilities:	​			​
Property and equipment	​		239,830	​		325,473
Intangible assets	​		672,973	​		847,450
Operating lease right-of-use assets	​		419,408	​		491,494
​	​		1,332,211	​		1,664,417
​	​	​	​	​	​	​
Net deferred tax liabilities	​	$	(210,893)	​	$	(530,780)
​	​	​	​	​	​	​
Discontinued Operations	​	​	​	​	​	​
Deferred tax assets:	​	​	​	​	​	​
Operating loss carryforwards - Mexico	​	$	—	​	$	5,844,847
Land basis difference - Mexico	​	​	—	​	​	2,818,663
Start-up costs - Mexico	​	​	—	​	​	7,015,484
Valuation allowances	​	​	—	​	​	(15,678,994)
​	​	$	—	​	$	—

​

As of December 31, 2024, the Company’s continuing operations have a federal net loss carryforward of approximately $400,000 and a state net loss carryforward of approximately $38,000. The net operating losses (“NOLs”) generated in taxable years beginning before January 1, 2018, may be carried forward up to 20 taxable years. The unused federal NOLs will expire on various dates starting from 2030. For NOLs generated in taxable years beginning after December 31, 2017, they are carried forward indefinitely until used and never expire.

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Name:	us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration