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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Tax Expense | The amounts of income tax expense reflected in operations is as follows:
|  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 65,263 |  |  | $ | 4,980 |
State |  |  | 192,215 |  |  |  | 153,937 |
Foreign |  |  | 664,766 |  |  |  | 870,739 |
Total: |  | $ | 922,244 |  |  | $ | 1,029,656 |
Deferred: |  |  |  |  |  |  |  |
Federal |  | $ | (238,408 | ) |  | $ | 401,196 |
State |  |  | (56,157 | ) |  |  | 88,403 |
Total: |  |  | (294,565 | ) |  |  | 489,599 |
Total Income Tax Expense: |  | $ | 627,679 |  |  | $ | 1,519,255 |
US and Foreign Income Before Income Taxes | A summary of United States and foreign income before income taxes follows:
|  | 2022 |  |  | 2021 |
United States |  | $ | (142,095 | ) |  | $ | 9,721,756 |
Foreign |  |  | 3,804,540 |  |  |  | 5,453,178 |
Total: |  | $ | 3,662,445 |  |  | $ | 15,174,934 |
US Statutory Rate Reconciliation | The following schedule reconciles the amounts of income taxes computed at the United States statutory rates to the actual amounts reported in operations:
|  | 2022 |  |  | 2021 |
Federal income taxes at 21% statutory rate |  | $ | 716,122 |  |  | $ | 2,915,698 |
State and local taxes, net of federal income tax effect |  |  | 120,922 |  |  |  | 115,855 |
Permanent items |  |  | (128,169 | ) |  |  | (1,508,877 | )
Foreign tax rate difference |  |  | (81,196 | ) |  |  | (3,421 | )
Provision for income taxes: |  | $ | 627,679 |  |  | $ | 1,519,255 |
Income tax expense in 2021 included a $1.4 million tax credit for stock-based compensation.
Deferred Tax Assets and Liabilities | The following summarizes deferred income tax assets and liabilities:
|  | 2022 |  |  | 2021 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 2,004,200 |  |  | $ | 1,916,218 |
|  |  | 2,004,200 |  |  |  | 1,916,218 |
Deferred income tax assets: |  |  |  |  |  |  |  |
Asset valuations |  |  | 1,109,954 |  |  |  | 983,055 |
Other |  |  | 588,961 |  |  |  | 333,883 |
|  |  | 1,698,915 |  |  |  | 1,316,938 |
Net deferred income tax liability: |  | $ | 305,285 |  |  | $ | 599,280 |

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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 + Details
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- 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://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 + Details
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