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INCOME TAXES | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
INCOME TAXES | 7. INCOME TAXES Income tax expense consisted of the following: SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT)
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (in thousands) |
Federal Income Tax: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 7,197 |  |  | $ | 5,617 |  |  | $ | 4,310 |
Deferred |  |  | 264 |  |  |  | (175 | ) |  |  | (216 | )
State Income Tax: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 1,062 |  |  |  | 923 |  |  |  | 748 |
Deferred |  |  | 43 |  |  |  | (30 | ) |  |  | (36 | )
Foreign Income Tax: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 298 |  |  |  | 266 |  |  |  | 607 |
Deferred |  |  | (2 | ) |  |  | (7 | ) |  |  | 16 |
Income Tax Expense |  | $ | 8,862 |  |  | $ | 6,594 |  |  | $ | 5,429 |
Pre-tax income included foreign income of $1,500,000, $1,341,000, and $3,330,000 in 2021, 2020 and 2019, respectively. Total income tax expense differed from statutory income tax expense, computed by applying the U.S. federal income tax rate of 21% to earnings before income tax, as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (in thousands) |
Computed Statutory Income Tax Expense |  | $ | 7,362 |  |  | $ | 5,566 |  |  | $ | 4,770 |
State Income Tax, Net of Federal Tax Benefit |  |  | 902 |  |  |  | 759 |  |  |  | 598 |
Foreign Tax Rate Differential |  |  | (29 | ) |  |  | (27 | ) |  |  | (67 | )
Executive Compensation Limitation |  |  | 773 |  |  |  | 503 |  |  |  | 340 |
Foreign Derived Intangible Income Deduction |  |  | (107 | ) |  |  | (75 | ) |  |  | (76 | )
Research Credit |  |  | (59 | ) |  |  | (62 | ) |  |  | (141 | )
Other - Net |  |  | 20 |  |  |  | (70 | ) |  |  | 5 |
Income Tax Expense |  | $ | 8,862 |  |  | $ | 6,594 |  |  | $ | 5,429 |
A deferred income tax (expense) benefit results from temporary timing differences in the recognition of income and expense for income tax and financial reporting purposes. The components of and changes in the net deferred tax assets (liabilities) which give rise to this deferred income tax (expense) benefit for the years ended December 31, 2021 and 2020 are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES
|  | 2021 |  |  | 2020 |
|  | December 31, |
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Compensation Assets |  | $ | 130 |  |  | $ | 124 |
Inventory Valuation |  |  | 334 |  |  |  | 242 |
Accounts Receivable Valuation |  |  | 329 |  |  |  | 266 |
Deferred Litigation Costs |  |  | 12 |  |  |  | 12 |
Foreign Net Operating Losses |  |  | 76 |  |  |  | 70 |
Valuation Allowance for Loss Carryover |  |  | (76 | ) |  |  | (70 | )
Other |  |  | 98 |  |  |  | 220 |
Compensation Liabilities |  |  | 673 |  |  |  | 909 |
Total Deferred Assets |  | $ | 1,576 |  |  | $ | 1,773 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Prepaid Expenses |  |  | (544 | ) |  |  | (481 | )
Depreciation and Amortization |  |  | (1,452 | ) |  |  | (1,408 | )
Total Deferred Liabilities |  | $ | (1,996 | ) |  | $ | (1,889 | )
Total Deferred Tax Liability |  | $ | (420 | ) |  | $ | (116 | )
Management believes it is more likely than not that the Company will have sufficient taxable income when these timing differences reverse and that the deferred tax assets will be realized with the exception of a carryover of foreign operating losses. Due to the uncertainty of future income in the foreign subsidiary, the Company has recognized a valuation allowance related to the foreign operating losses carrying forward. The Company is currently subject to audit by the Internal Revenue Service for the calendar years ended 2018 through 2020. The Company and its Subsidiaries’ state income tax returns are subject to audit for the calendar years ended 2017 through 2020. As of December 31, 2021, the Company had no liability for unrecognized tax benefits related to various federal and state income tax matters.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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