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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2011
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] |
11. | Income Taxes
The income tax provisions are comprised of the following: :
| Dec. 31 2011 |  | Dec. 31 2010
Current: |  |  |  |  |
Federal | $ | - |  | $ | -
State |  | 15,851 |  |  | -
Foreign |  | 149,763 |  |  | 385,792
| $ | 165,614 |  | $ | 385,792
Deferred |  |  |  |  |
Federal | $ | 228,524 |  | $ | (43,104)
State |  | - |  |  | -
Foreign |  | (74,694) |  |  | -
|  | 153,830 |  |  | (43,104)
Total Income Tax Provision | $ | 319,444 |  | $ | 342,688
The components of the net deferred tax asset at December 31 are as follows:
| 2011 |  | 2010
Deferred tax assets: |  |  |  |  |
Allowance for doubtful accounts | $ | 11,682 |  | $ | 13,748
Inventory allowances |  | 181,170 |  |  | 141,244
Accrued liabilities |  | 70,765 |  |  | 92,095
Unicap 263A adjustment |  | 151,625 |  |  | 145,035
Net operating loss carryforwards |  | 955,717 |  |  | 975,327
Alternative minimum tax credit carryforwards |  | 351,619 |  |  | 351,619
State investment tax credit carryforward |  | 30,512 |  |  | 30,512
Foreign tax credit carryforward |  | 298,635 |  |  | 298,636
Other foreign tax items |  | 246,473 |  |  | 247,035
Foreign asset tax credit carryforward |  | - |  |  | (80,368)
Total deferred tax assets |  | 2,298,198 |  |  | 2,214,883
Deferred tax liabilities: |  |  |  |  |
Book over tax basis of capital assets |  | (1,175,615) |  |  | (943,582)
Other foreign tax items |  | (165,099) |  |  | (159,986)
Net deferred tax assets | $ | 957,484 |  | $ | 1,111,315
The Company maintained a valuation allowance with respect to deferred tax assets as a result of the uncertainty of ultimate realization as of December 31, 2009. At December 31, 2011 and 2010, the Company believes that it is more likely than not that it will utilize all of its net operating loss carry forwards and no longer requires a valuation allowance. The Company has a net operating loss carryforwards of approximately $2,730,000 expiring in various years through 2025. In addition, the Company has approximately $352,000 of alternative minimum tax credits as of December 31, 2011, which have no expiration date. Income tax provisions differed from the taxes calculated at the statutory federal tax rate as follows:
| Years Ended December 31,
| 2011 |  | 2010
Taxes at statutory rate | $ | 245,966 |  | $ | 733,585
State income taxes |  | 43,395 |  |  | 100,983
Nondeductible expenses |  | 57,772 |  |  | 55,871
Decrease in deferred tax valuation allowance |  | - |  |  | (528,988)
Foreign taxes and other |  | (27,689) |  |  | (18,763)
Income tax provision | $ | 319,444 |  | $ | 342,688
The Company files tax returns in the U.S. federal and U.K, Germany and Mexico foreign tax jurisdictions and various state jurisdictions. The tax years 2006 through 2010 remain open to examination. Our policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. During the twelve months ended December 31, 2011 and 2010, the Company did not recognize expense for interest or penalties, and do not have any amounts accrued at December 31, 2011 and 2010, as the Company does not believe it has taken any uncertain tax positions.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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