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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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)

		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

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

		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

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

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

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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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.

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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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

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-Topic 740
-SubTopic 10
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-Paragraph 12
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