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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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)

		2022				2021				2020
		December 31,
		2022				2021				2020
		(in thousands)
Federal Income Tax:
Current		$	7,453			$	7,197			$	5,617
Deferred			(1,156	)			264				(175	)
State Income Tax:
Current			1,126				1,062				923
Deferred			(173	)			43				(30	)
Foreign Income Tax:
Current			84				298				266
Deferred			(7	)			(2	)			(7	)
Income Tax Expense		$	7,327			$	8,862			$	6,594

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

		2022				2021				2020
		December 31,
		2022				2021				2020
		(in thousands)
Computed Statutory Income Tax Expense		$	6,505			$	7,362			$	5,566
State Income Tax, Net of Federal Tax Benefit			753				902				759
Foreign Tax Rate Differential			(9	)			(29	)			(27	)
Executive Compensation Limitation			296				773				503
Foreign Derived Intangible Income Deduction			(98)				(107)				(75)
Research Credit			(171)				(59)				(62)
Other - Net			51				20				(70	)
Income Tax Expense		$	7,327			$	8,862			$	6,594

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

		2022				2021
		December 31,
		2022				2021
		(in thousands)
Deferred Tax Assets:
Compensation Assets		$	201			$	130
Inventory Valuation			529				334
Accounts Receivable Valuation			259				329
Deferred Litigation Costs			12				12
Capitalized Research Costs			590				-
Accrued Product Liability			900				61
Foreign Net Operating Losses			78				76
Valuation Allowance for Loss Carryover			(78	)			(76	)
Other			17				37
Compensation Liabilities			360				673
Total Deferred Assets		$	2,868			$	1,576
Deferred Tax Liabilities:
Prepaid Expenses			(592	)			(544	)
Depreciation and Amortization			(1,359	)			(1,452	)
Total Deferred Liabilities		$	(1,951	)		$	(1,996	)
Total Deferred Tax Asset (Liability)		$	917			$	(420	)

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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 https://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 https://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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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