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INCOME TAXES (Tables) | 12 Months Ended
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Jan. 01, 2022
INCOME TAXES |
Deferred Income Tax (Assets) Liabilities |
|  | 2021 |  |  | 2020 |
Property, plant and equipment |  | $ | 3,586,257 |  |  | $ | 4,460,316 |
Right of Use Asset |  |  | 2,564,741 |  |  |  | 3,014,148 |
Intangible assets |  |  | 6,364,038 |  |  |  | 8,913,638 |
Other |  |  | 495,881 |  |  |  | - |
Foreign Withholding Tax |  |  | 60,462 |  |  |  | 250,432 |
Total deferred income tax liabilities |  |  | 13,071,379 |  |  |  | 16,638,534 |
Other postretirement benefits |  |  | (292,090 | ) |  |  | (279,776 | )
Inventories |  |  | (1,161,354 | ) |  |  | (1,091,887 | )
Allowance for doubtful accounts |  |  | (114,113 | ) |  |  | (120,150 | )
Accrued compensation |  |  | (390,693 | ) |  |  | (399,057 | )
Lease Obligation |  |  | (2,564,741 | ) |  |  | (3,014,148 | )
Pensions |  |  | (6,049,532 | ) |  |  | (7,761,369 | )
Foreign Tax Credit |  |  | (1,164,515 | ) |  |  | (976,000 | )
Capital Loss Carry forward |  |  | (182,582 | ) |  |  | - |
Other |  |  | - |  |  |  | (97,072 | )
Total deferred income tax assets |  |  | (11,919,620 | ) |  |  | (13,739,459 | )
Net deferred income tax (assets) liabilities |  | $ | 1,151,759 |  |  | $ | 2,899,075 |
Income Before Income Taxes |
|  | 2021 |  |  | 2020 |
|  | Continued Operations |  |  | Discontinued Operations |  |  | Total Income Statement |  |  | Continued Operations |  |  | Discontinued Operations |  |  | Total Income Statement |
Domestic |  | $ | 14,574,811 |  |  | $ | (8,936,924 | ) |  | $ | 5,637,887 |  |  | $ | 12,387,294 |  |  | $ | (7,191,198 | ) |  | $ | 5,196,096 |
Foreign |  |  | 4,495,749 |  |  |  | - |  |  |  | 4,495,749 |  |  |  | 829,516 |  |  |  | - |  |  |  | 829,516 |
|  | $ | 19,070,560 |  |  | $ | (8,936,924 | ) |  | $ | 10,133,636 |  |  | $ | 13,216,810 |  |  | $ | (7,191,198 | ) |  | $ | 6,025,612 |
Provision for Income Taxes |
|  | 2021 |  |  | 2020 |
|  | Continued Operations |  |  | Discontinued Operations |  |  | Total Income Statement |  |  | Continued Operations |  |  | Discontinued Operations |  |  | Total Income Statement |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 4,075,121 |  |  | $ | (1,816,413 | ) |  | $ | 2,258,708 |  |  | $ | 993,337 |  |  | $ | (1,496,443 | ) |  | $ | (503,106 | )
Foreign |  |  | 1,509,693 |  |  |  | (287,339 | ) |  |  | 1,222,354 |  |  |  | 1,162,197 |  |  |  | (65,358 | ) |  |  | 1,096,839 |
State |  |  | 498,939 |  |  |  | - |  |  |  | 498,939 |  |  |  | 223,978 |  |  |  | - |  |  |  | 223,978 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (2,292,101 | ) |  |  | - |  |  |  | (2,292,101 | ) |  |  | (46,555 | ) |  |  | - |  |  |  | (46,555 | )
Foreign |  |  | (189,970 | ) |  |  | - |  |  |  | (189,970 | ) |  |  | (65,315 | ) |  |  | - |  |  |  | (65,315 | )
State |  |  | (713,465 | ) |  |  | - |  |  |  | (713,465 | ) |  |  | (85,751 | ) |  |  | - |  |  |  | (85,751 | )
|  | $ | 2,888,217 |  |  | $ | (2,103,752 | ) |  | $ | 784,465 |  |  | $ | 2,181,891 |  |  | $ | (1,561,801 | ) |  | $ | 620,090 |
Reconciliation of Income Taxes Computed Using the U.S. Federal Statutory Rate to that Reflected in Operations |
|  | 2021 |  |  | 2020 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Income taxes using U.S. federal statutory rate |  | $ | 2,128,063 |  |  |  | 21 | % |  | $ | 1,265,378 |  |  |  | 21 | %
State income taxes, net of federal benefit |  |  | (165,221 | ) |  |  | (2 | ) |  |  | 96,742 |  |  |  | 1 |
Impact on Foreign Repatriation Tax Reform |  |  | 11,313 |  |  |  | 0 |  |  |  | 139,765 |  |  |  | 2 |
Impact of foreign subsidiaries on effective tax rate |  |  | (282,614 | ) |  |  | (3 | ) |  |  | 165,210 |  |  |  | 3 |
Impact of Research & Development tax credit |  |  | (188,944 | ) |  |  | (3 | ) |  |  | (188,944 | ) |  |  | (3 | )
Uncertain tax positions reserve |  |  | (417,197 | ) |  |  | (3 | ) |  |  | (926,101 | ) |  |  | (15 | )
Other net |  |  | (300,935 | ) |  |  | (3 | ) |  |  | 68,040 |  |  |  | 1 |
|  | $ | 784,465 |  |  |  | 7 | % |  | $ | 620,090 |  |  |  | 10 | %
|  | 2021 |  |  | 2020 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Income taxes using U.S. federal statutory rate |  | $ | 4,004,817 |  |  |  | 21 | % |  | $ | 2,775,547 |  |  |  | 21 | %
State income taxes, net of federal benefit |  |  | 61,777 |  |  |  | 1 |  |  |  | 148,374 |  |  |  | 1 |
Impact on Foreign Repatriation Tax Reform |  |  | 11,313 |  |  |  | 0 |  |  |  | 139,765 |  |  |  | 1 |
Impact of foreign subsidiaries on effective tax rate |  |  | (282,614 | ) |  |  | (2 | ) |  |  | 165,210 |  |  |  | 1 |
Impact of Research & Development tax credit |  |  | (188,944 | ) |  |  | (1 | ) |  |  | (188,944 | ) |  |  | (1 | )
Uncertain tax positions reserve |  |  | (417,197 | ) |  |  | (2 | ) |  |  | (926,101 | ) |  |  | (7 | )
Other net |  |  | (300,935 | ) |  |  | (2 | ) |  |  | 68,040 |  |  |  | 0 |
|  | $ | 2,888,217 |  |  |  | 15 | % |  | $ | 2,181,891 |  |  |  | 16 | %
|  | 2021 |  |  | 2020 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Income taxes using U.S. federal statutory rate |  | $ | (1,876,754 | ) |  |  | (21 | )% |  | $ | (1,510,152 | ) |  |  | (21 | )%
State income taxes, net of federal benefit |  |  | (226,998 | ) |  |  | (3 | ) |  |  | (51,632 | ) |  |  | (1 | )
|  | $ | (2,103,752 | ) |  |  | (24 | )% |  | $ | (1,561,784 | ) |  |  | (22 | )%
Reconciliation of Unrecognized Tax Benefits |
|  | 2021 |  |  | 2020 |
Balance at beginning of year |  | $ | 1,078,309 |  |  | $ | 2,407,382 |
Increase (decrease) for positions taken during the current period |  |  | 45,721 |  |  |  | (28,637 | )
Increase (decrease) for positions taken during the prior period |  |  | - |  |  |  | - |
Increase (decrease) resulting from the expiration of the statute of limitations |  |  | (451,932 | ) |  |  | (1,300,436 | )
Balance at end of year |  | $ | 672,098 |  |  | $ | 1,078,309 |

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