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Note 11 - Income Taxes | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
11. | Income Taxes
The provision (benefit) for income taxes consisted of the following:
|  | For the Years Ended December 31, |
|  | 2021 |  |  | 2020 |
Current |  | $ | 1,516,000 |  |  | $ | 5,313,000 |
Deferred |  |  | 228,000 |  |  |  | 47,000 |
Provision for income taxes |  | $ | 1,744,000 |  |  | $ | 5,360,000 |
Deferred income tax assets (liabilities) consisted of the following:
|  | December 31, |
|  | 2021 |  |  | 2020 |
Temporary differences: |  |  |  |  |  |  |  |
Property and equipment |  | $ | (993,000 | ) |  | $ | (706,000 | )
Intangible assets |  |  | (10,000 | ) |  |  | (9,000 | )
Inventory reserve |  |  | 79,000 |  |  |  | 24,000 |
Accrued expenses and inventory |  |  | 216,000 |  |  |  | 250,000 |
Basis difference in investments |  |  | 35,000 |  |  |  | 35,000 |
Foreign exchange |  |  | 11,000 |  |  |  | (40,000 | )
AMT/Foreign tax credits |  |  | 42,000 |  |  |  | - |
State income taxes |  |  | (171,000 | ) |  |  | (117,000 | )
Net deferred income tax liabilities |  | $ | (791,000 | ) |  | $ | (563,000 | )
The provision for income taxes differs from the amount that would be obtained by applying the U.S. statutory rate to income before income taxes as a result of the following:
|  | For the Years Ended December 31, |
|  | 2021 |  |  | 2020 |
Income taxes based on U.S. statutory rate of 21% and 34%, respectively |  | $ | 1,785,000 |  |  | $ | 6,772,000 |
Non-deductible meals and entertainment |  |  | - |  |  |  | 5,000 |
FDII deduction |  |  | (49,000 | ) |  |  | (348,000 | )
Foreign taxes |  |  | (120,000 | ) |  |  | (38,000 | )
State taxes |  |  | 219,000 |  |  |  | 747,000 |
Stock Compensation |  |  | (106,000 | ) |  |  | (2,171,000 | )
Other |  |  | 15,000 |  |  |  | 393,000 |
Provision for income taxes |  | $ | 1,744,000 |  |  | $ | 5,360,000 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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