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Income Taxes | 12 Months Ended
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Dec. 31, 2012
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] |
10. | Income Taxes
The income tax provisions are comprised of the following:
|  | Dec. 31 2012 |  |  | Dec. 31 2011 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |
State |  |  | - |  |  |  | 15,851 |
Foreign |  |  | 471,112 |  |  |  | 149,763 |
|  | $ | 471,112 |  |  | $ | 165,614 |
Deferred |  |  |  |  |  |  |  |
Federal |  | $ | (112,978 | ) |  | $ | 228,524 |
State |  |  | - |  |  |  | - |
Foreign |  |  | (311,862 | ) |  |  | (74,694 | )
|  |  | (424,840 | ) |  |  | 153,830 |
Total Income Tax Provision |  | $ | 46,272 |  |  | $ | 319,444 |
The components of the net deferred tax asset at December 31 are as follows:
|  | 2012 |  |  | 2011 |
Deferred tax assets: |  |  |  |  |  |
Allowance for doubtful accounts |  | $ | 20,534 |  |  | $ | 11,682 |
Inventory allowances |  |  | 255,285 |  |  |  | 181,170 |
Accrued liabilities |  |  | 73,929 |  |  |  | 70,765 |
Unicap 263A adjustment |  |  | 151,625 |  |  |  | 151,625 |
Net operating loss carryforwards |  |  | 602,580 |  |  |  | 955,717 |
Alternative minimum tax credit carryforwards |  |  | 348,867 |  |  |  | 351,619 |
State investment tax credit carryforward |  |  | 34,523 |  |  |  | 30,512 |
Foreign tax credit carryforward |  |  | 615,080 |  |  |  | 298,635 |
Other foreign tax items |  |  | 600,844 |  |  |  | 246,473 |
Total deferred tax assets |  |  | 2,703,267 |  |  |  | 2,298,198 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Tax over book basis of capital assets |  |  | (1,113,335 | ) |  |  | (1,175,615 | )
Other foreign tax items |  |  | (207,607 | ) |  |  | (165,099 | )
Net deferred tax assets |  | $ | 1,382,325 |  |  | $ | 957,484 |
The Company has a net operating loss carryforwards of approximately $1,502,000 expiring in various years through 2025. In addition, the Company has approximately $349,000 of alternative minimum tax credits as of December 31, 2012, 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, |
|  | 2012 |  |  | 2011 |
Taxes at statutory rate |  | $ | 32,411 |  |  | $ | 245,966 |
State income taxes |  |  | 5,718 |  |  |  | 43,395 |
Nondeductible expenses |  |  | 57,937 |  |  |  | 57,772 |
Foreign taxes and other |  |  | (49,794 | ) |  |  | (27,689 | )
Income tax provision |  | $ | 46,272 |  |  | $ | 319,444 |
The Company files tax returns in the U.S., and in the U.K, Germany and Mexico foreign tax jurisdictions and also in various state jurisdictions in the U.S. The tax years 2009 through 2012 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, 2012 and 2011, the Company did not recognize expense for interest or penalties, and do not have any amounts accrued at December 31, 2012 and 2011, 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 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 2: 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 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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 5: 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 6: 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 7: 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 8: 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 + Details
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