Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

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

	2021		2020
Current:
Federal	$	4,980	$	880,149
State		153,937		159,909
Foreign		870,739		788,314
Total:	$	1,029,656	$	1,828,372
Deferred:
Federal	$	401,196	$	(59,801	)
State		88,403		(40,609	)
Total:		489,599		(100,410	)
Total Income Tax Expense:	$	1,519,255	$	1,727,962

US and Foreign Income Before Income Taxes

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

	2021		2020
United States	$	9,721,756	$	4,524,432
Foreign		5,453,178		5,302,296
Total:	$	15,174,934	$	9,826,728

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:

	2021			2020
Federal income taxes at 21% statutory rate	$	2,915,698		$	1,864,097
State and local taxes, net of federal income tax effect		115,855			89,842
Permanent items		(1,508,877	)		(99,877	)
Foreign tax rate difference		(3,421	)		(126,100	)
Provision for income taxes:	$	1,519,255		$	1,727,962

Deferred Tax Assets and Liabilities

The following summarizes deferred income tax assets and liabilities:

	2021		2020
Deferred income tax liabilities:
Plant, property and equipment	$	1,916,218	$	1,556,398
		1,916,218		1,556,398
Deferred income tax assets:
Asset valuations		983,055		992,101
Other		333,883		454,076
		1,316,938		1,446,177
Net deferred income tax liability:	$	599,280	$	110,221