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Note 10 - Income Taxes | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
10. | Income Taxes
The provision (benefit) for income taxes consisted of the following:
|  | For the Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Current |  | $ | 1,030,000 |  |  | $ | 1,558,000 |
Deferred |  |  | 61,000 |  |  |  | (322,000 | )
Provision for income taxes |  | $ | 1,091,000 |  |  | $ | 1,236,000 |
Deferred income tax assets (liabilities) consisted of the following:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Temporary differences: |  |  |  |  |  |  |  |
Property and equipment |  | $ | (1,234,000 | ) |  | $ | (858,000 | )
Intangible assets |  |  | 158,000 |  |  |  | 102,000 |
Inventory reserve |  |  | 87,000 |  |  |  | 61,000 |
Accrued expenses and inventory |  |  | 392,000 |  |  |  | 199,000 |
Right of Use Asset |  |  | (1,872,000 | ) |  |  | (1,281,000 | )
Foreign exchange |  |  | 29,000 |  |  |  | 16,000 |
Lease Liability |  |  | 1,885,000 |  |  |  | 1,289,000 |
AMT/Foreign tax credits |  |  | 188,000 |  |  |  | 141,000 |
State income taxes |  |  | (136,000 | ) |  |  | (111,000 | )
Net deferred income tax liabilities |  | $ | (503,000 | ) |  | $ | (442,000 | )
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, |
|  | 2024 |  |  | 2023 |
Income taxes based on U.S. statutory rate of 21% |  | $ | 1,054,000 |  |  | $ | 1,150,000 |
Non-deductible meals & entertainment |  |  | 9,000 |  |  |  | 12,000 |
FDII deduction |  |  | (5,000 | ) |  |  | (6,000 | )
Foreign taxes |  |  | (136,000 | ) |  |  | (82,000 | )
State taxes |  |  | 200,000 |  |  |  | 169,000 |
Stock Compensation |  |  | (33,000 | ) |  |  | 18,000 |
Other |  |  | 2,000 |  |  |  | (25,000 | )
Provision for income taxes |  | $ | 1,091,000 |  |  | $ | 1,236,000 |

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