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Taxes Payable

6 Months Ended

Jun. 30, 2025

6. TAXES PAYABLE

Taxes payable consisted of the following as of June 30, 2025 and December 31, 2024:

	2025		2024
Income tax	$	7,607,201	$	7,607,201
Other		19,045		20,021
Total		7,626,246		7,627,222
Current		4,275,621		4,276,597
Noncurrent	$	3,350,625	$	3,350,625

As of June 30, 2025, income tax payable included $7.61 million from recording the estimated one-time transition tax on post-1986 foreign unremitted earnings under the Tax Cut and Jobs Act signed on December 22, 2017 ($4.28 million included in current tax payable and $3.35 million noncurrent). An election was available for the U.S. shareholders of a foreign company to pay the tax liability in installments over a period of eight years (until April, 2026) with 8% of net tax liability in each of the first five years, 15% in the sixth year, 20% in the seventh year, and 25% in the eighth year. The Company made such an election, but did not pay the tax and expected to apply for extra extension due to the losses in the following consecutive years.