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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT)

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

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

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

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

 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	)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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