XML 50 R36.htm IDEA: XBRL DOCUMENT
v3.8.0.1

TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
TAXES [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | A breakdown of our income tax expense is as follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | Years Ended December 31,
﻿ |  | 2017 |  | 2016 |  | 2015
﻿Federal: |  |  |  |  |  |
﻿Current | $ | 3,387,046 | $ | (1,192,764) | $ | 2,656,870
﻿Deferred |  | (3,764,882) |  | (296,045) |  | 287,755
﻿Total Federal |  | (377,836) |  | (1,488,809) |  | 2,944,625
﻿ |  |  |  |  |  |
﻿State & local: |  |  |  |  |  |
﻿Current |  | 64,675 |  | 151,728 |  | 81,433
﻿Deferred |  | 125,329 |  | (349,284) |  | 86,863
﻿Total State & local |  | 190,004 |  | (197,556) |  | 168,296
﻿ |  |  |  |  |  |
﻿Foreign |  |  |  |  |  |
﻿Current |  | (37,517) |  | 164,950 |  | 13,391
﻿Deferred |  | (13) |  | 42,337 |  | (41,969)
﻿Total Foreign |  | (37,530) |  | 207,287 |  | (28,578)
﻿ |  |  |  |  |  |
﻿Total | $ | (225,362) | $ | (1,479,078) | $ | 3,084,343
﻿
Reconciliation of Federal Income Tax Expense | A reconciliation of recorded Federal income tax expense to the expected expense computed by applying the applicable Federal statutory rate for all periods to income before income taxes follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | Years Ended December 31,
﻿ |  | 2017 |  | 2016 |  | 2015
﻿Expected expense at statutory rate | $ | 3,272,159 | $ | (1,270,003) | $ | 3,404,159
﻿ |  |  |  |  |  |
﻿Increase (decrease) in income taxes resulting from: |  |  |  |  |  |
﻿Change in Statutory Tax Rate |  | (4,490,916) |  | - |  | -
﻿Toll tax on CFC accumulated earnings and profits |  | 2,792,683 |  | - |  | -
﻿Exempt income from Dominican Republic operations due to tax holiday |  | (1,802,186) |  | (2,367,810) |  | (2,816,963)
﻿Tax on repatriated earnings from Dominican Republic operations |  | - |  | 2,050,314 |  | 2,556,940
﻿Impact of Canadian deemed dividend |  | - |  | 7,353 |  | -
﻿State and local income taxes |  | 137,336 |  | (99,699) |  | 67,886
﻿Section 199 manufacturing deduction |  | (260,035) |  | - |  | (194,498)
﻿Meals and entertainment |  | 80,316 |  | 100,288 |  | 98,082
﻿Nondeductible penalties |  | 130 |  | 3,847 |  | 5,998
﻿Provision to return filing adjustments and other |  | 45,151 |  | 96,632 |  | (37,261)
﻿Total | $ | (225,362) | $ | (1,479,078) | $ | 3,084,343
﻿
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes recorded in the Consolidated Balance Sheets at December 31, 2017 and 2016 consist of the following: ﻿ ﻿
﻿ |  |  |  |
﻿ |  | December 31,
﻿ |  | 2017 |  | 2016
﻿Deferred tax assets: |  |  |  |
﻿ Asset valuation allowances and accrued expenses |  | - | $ | 242,916
﻿ Inventories | $ | 333,012 |  | 491,371
﻿ State and local income taxes |  | 208,076 |  | 302,929
﻿ Pension and deferred compensation |  | 32,406 |  | 63,214
﻿ Net operating losses |  | 580,706 |  | 736,519
﻿ Total deferred tax assets |  | 1,154,200 |  | 1,836,949
﻿ Valuation allowances |  | (480,127) |  | (471,159)
﻿ Total deferred tax assets |  | 674,073 |  | 1,365,790
﻿ |  |  |  |
﻿Deferred tax liabilities: |  |  |  |
﻿ Asset valuation allowances and accrued expenses |  | 247,230 |  | -
﻿ Fixed assets |  | 784,051 |  | 1,676,813
﻿ Intangible assets |  | 6,917,331 |  | 10,337,533
﻿ Other assets |  | 224,132 |  | 337,972
﻿ Tollgate tax on Lifestyle earnings |  | 227,563 |  | 379,271
﻿ Total deferred tax liabilities |  | 8,400,307 |  | 12,731,589
﻿ |  |  |  |
﻿Net deferred tax liability | $ | 7,726,234 | $ | 11,365,800
﻿
Schedule of Income Tax Examinations | We are subject to tax examinations in various taxing jurisdictions. The earliest exam years open for examination are as follows: ﻿ ﻿
﻿ |  |
﻿ |  | Earliest Exam Year
﻿Taxing Authority Jurisdiction: |  |
﻿U.S. Federal |  | 2014
﻿Various U.S. States |  | 2013
﻿Puerto Rico (U.S. Territory) |  | 2012
﻿Canada |  | 2012
﻿

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=75116239&loc=d3e36027-109320 + Details
Name: | us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration