Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Tax Expense

The amounts of income tax expense reflected in operations is as follows:

	2024		2023
Current:
Federal	$	1,045,995	$	3,405,403
State		175,507		397,174
Foreign		537,654		544,251
Total:	$	1,759,156	$	4,346,828
Deferred:
Federal	$	480,188	$	554,763
State		30,714		39,853
Total:		510,902		594,616
Total Income Tax Expense:	$	2,270,058	$	4,941,444

US and Foreign Income Before Income Taxes

A summary of United States and foreign income before income taxes follows:

	2024		2023
United States	$	9,225,285	$	18,984,939
Foreign		3,067,124		3,749,665
Total:	$	12,292,409	$	22,734,604

US Statutory Rate Reconciliation

The following schedule reconciles the amounts of income taxes computed at the United States statutory rates to the actual amounts reported in operations:

	2024			2023
Federal income taxes at 21% statutory rate	$	2,531,261		$	4,774,267
State and local taxes, net of federal income tax effect		144,938			612,818
Stock options		(600,969	)		(385,601	)
Permanent items		251,518			183,139
Foreign tax rate difference		(56,690	)		(243,179	)
Provision for income taxes:	$	2,270,058		$	4,941,444

Deferred Tax Assets and Liabilities

The following summarizes deferred income tax assets and liabilities:

	2024			2023
Deferred income tax liabilities:
Property, plant and equipment	$	2,620,900		$	2,328,345
Intangible assets		1,487,297			1,336,996
Other		887,074			609,817
Total deferred tax liabilities		4,995,271			4,275,158
Deferred income tax assets:
Net operating loss carryover		915,122			930,000
Stock compensation		2,011,200			1,964,332
Asset valuations		1,317,965			852,308
Other		201,450			559,174
Total deferred tax assets		4,445,737			4,305,814
Less: valuation allowance		(915,122	)		(930,000	)
Total deferred tax assets, net		3,530,615			3,375,814
Net deferred income tax liability:	$	1,464,656		$	899,344