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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
INCOME TAXES | 9. INCOME TAXES Income tax expense consisted of the following: SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT)
|  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Federal Income Tax: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 5,279 |  |  | $ | 7,453 |  |  | $ | 7,197 |
Deferred |  |  | 745 |  |  |  | (1,156 | ) |  |  | 264 |
State Income Tax: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 821 |  |  |  | 1,126 |  |  |  | 1,062 |
Deferred |  |  | 113 |  |  |  | (173 | ) |  |  | 43 |
Foreign Income Tax: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | (3 | ) |  |  | 84 |  |  |  | 298 |
Deferred |  |  | (130 | ) |  |  | (7 | ) |  |  | (2 | )
Income Tax Expense |  | $ | 6,825 |  |  | $ | 7,327 |  |  | $ | 8,862 |
Pre-tax income included foreign income of $458,000, $437,000, and $1,500,000 in 2023, 2022 and 2021, 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
|  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Computed Statutory Income Tax Expense |  | $ | 5,785 |  |  | $ | 6,505 |  |  | $ | 7,362 |
State Income Tax, Net of Federal Tax Benefit |  |  | 738 |  |  |  | 753 |  |  |  | 902 |
Foreign Tax Rate Differential |  |  | (37 | ) |  |  | (9 | ) |  |  | (29 | )
Valuation Allowance |  |  | 81 |  |  |  | - |  |  |  | - |
Executive Compensation Limitation |  |  | 258 |  |  |  | 296 |  |  |  | 773 |
Foreign Derived Intangible Income Deduction |  |  | (93 | ) |  |  | (98 | ) |  |  | (107 | )
Research Credit |  |  | - |  |  |  | (171 | ) |  |  | (59 | )
Other - Net |  |  | 93 |  |  |  | 51 |  |  |  | 20 |
Income Tax Expense |  | $ | 6,825 |  |  | $ | 7,327 |  |  | $ | 8,862 |
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, 2023 and 2022 are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Compensation Assets |  | $ | 191 |  |  | $ | 201 |
Inventory Valuation |  |  | 656 |  |  |  | 529 |
Accounts Receivable Valuation |  |  | 200 |  |  |  | 259 |
Deferred Litigation Costs |  |  | 11 |  |  |  | 12 |
Capitalized Research Costs |  |  | 485 |  |  |  | 590 |
Accrued Product Liability |  |  | 217 |  |  |  | 900 |
Foreign Net Operating Losses |  |  | 312 |  |  |  | 78 |
Valuation Allowance for Loss Carryover |  |  | (176 | ) |  |  | (78 | )
Other |  |  | 24 |  |  |  | 17 |
Compensation Liabilities |  |  | 196 |  |  |  | 360 |
Total Deferred Assets |  | $ | 2,116 |  |  | $ | 2,868 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Prepaid Expenses |  |  | (612 | ) |  |  | (592 | )
Depreciation and Amortization |  |  | (1,315 | ) |  |  | (1,359 | )
Total Deferred Liabilities |  | $ | (1,927 | ) |  | $ | (1,951 | )
Total Deferred Tax Asset |  | $ | 189 |  |  | $ | 917 |
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 except for a carryover of foreign operating losses incurred by one of its foreign subsidiaries. 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 2020 through 2022. The Company and its Subsidiaries’ state income tax returns are subject to audit for the calendar years ended 2019 through 2022. As of December 31, 2023, the Company had no liability for unrecognized tax benefits related to various federal and state income tax matters.

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