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Note 11 - Income Taxes | 12 Months Ended
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Dec. 31, 2023
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, |
|  | 2023 |  |  | 2022 |
Current |  | $ | 1,558,000 |  |  | $ | 1,140,000 |
Deferred |  |  | (322,000 | ) |  |  | (27,000 | )
Provision for income taxes |  | $ | 1,236,000 |  |  | $ | 1,113,000 |
Deferred income tax assets (liabilities) consisted of the following:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Temporary differences: |  |  |  |  |  |  |  |
Property and equipment |  | $ | (858,000 | ) |  | $ | (920,000 | )
Intangible assets |  |  | 102,000 |  |  |  | (11,000 | )
Inventory reserve |  |  | 61,000 |  |  |  | 32,000 |
Accrued expenses and inventory |  |  | 199,000 |  |  |  | 191,000 |
Right of Use Asset |  |  | (1,281,000 | ) |  |  | - |
Foreign exchange |  |  | 16,000 |  |  |  | 12,000 |
Lease Liability |  |  | 1,289,000 |  |  |  | - |
AMT/Foreign tax credits |  |  | 141,000 |  |  |  | 128,000 |
State income taxes |  |  | (111,000 | ) |  |  | (196,000 | )
Net deferred income tax liabilities |  | $ | (442,000 | ) |  | $ | (764,000 | )
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, |
|  | 2023 |  |  | 2022 |
Income taxes based on U.S. statutory rate of 21% |  | $ | 1,150,000 |  |  | $ | 923,000 |
Non-deductible meals & entertainment |  |  | 12,000 |  |  |  |  |
FDII deduction |  |  | (6,000 | ) |  |  | (22,000 | )
Foreign taxes |  |  | (82,000 | ) |  |  | (23,000 | )
State taxes |  |  | 169,000 |  |  |  | 170,000 |
Stock Compensation |  |  | 18,000 |  |  |  | 60,000 |
Other |  |  | (25,000 | ) |  |  | 5,000 |
Provision for income taxes |  | $ | 1,236,000 |  |  | $ | 1,113,000 |

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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 -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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