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Income taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income taxes  
Schedule of components of income before income taxes

The components of income before income taxes for the years ended December 31, 2025, 2024, and 2023 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Foreign (not subject to income taxes)

​

$

12,274,013

​

$

10,699,269

​

$

10,002,233

Mexico

​

 

(131,596)

​

 

10,922,374

​

 

(742,367)

United States

​

 

8,952,083

​

 

9,412,015

​

 

27,649,330

​

​

 

21,094,500

​

 

31,033,658

​

 

36,909,196

Discontinued operations

​

 

290,635

​

 

(10,355,184)

​

 

1,086,744

​

​

$

21,385,135

​

$

20,678,474

​

$

37,995,940

​

Schedule of provision for income taxes deferred tax benefit relating to U.S. operations

The Company’s provision for (benefit from) income taxes for the years ended December 31, 2025, 2024, and 2023, which related to U.S. operations, consisted of the following:

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​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Current:

​

​

​

​

​

​

​

​

​

Federal

​

$

1,160,917

​

$

2,282,566

​

$

5,611,360

State

​

​

507,180

​

​

255,835

​

​

1,663,653

Foreign

​

​

—

​

​

—

​

​

—

Total current income tax provision (benefit)

​

​

1,668,097

​

​

2,538,401

​

​

7,275,013

Deferred:

​

 

​

​

 

​

​

 

​

Federal

​

​

457,068

​

​

(267,100)

​

​

(276,070)

State

​

​

39,483

​

​

(52,787)

​

​

(248,929)

Foreign

​

​

—

​

​

—

​

​

—

Total deferred income tax provision (benefit)

​

​

496,551

​

​

(319,887)

​

​

(524,999)

Total provision for (benefit from) income taxes

​

$

2,164,648

​

$

2,218,514

​

$

6,750,014

​

Schedule of reconciliation of federal tax rate to the effective rate

A reconciliation of the U.S. statutory federal tax rate to the effective rate for the year ended December 31, 2025:

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​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

​

​

  ​ ​ ​

​

2025

  ​ ​ ​

​

​

​

Amount

​

Percent

​

U.S. statutory federal tax rate

​

$

4,490,879

​

21.00

%  

State and local income taxes, net of federal effect (a)

 

​

440,154

​

2.06

%  

Foreign tax effects - tax rate differential

 

​

​

​

​

​

Cayman Islands

​

​

(1,265,705)

​

(5.92)

%  

The Bahamas

​

​

(1,363,912)

​

(6.38)

%  

Nontaxable or nondeductible items

​

​

(135,296)

​

(0.63)

%  

Other adjustments

​

​

(1,472)

​

(0.01)

%  

Effective tax rate

 

$

2,164,648

​

10.12

%  

(a)State taxes in California made up the majority (greater than 50 percent) of the tax effect in the State and local income taxes category.

Below is a tabular rate reconciliation previously disclosed for the years ended December 31, 2024 and 2023:

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​

​

​

​

​

​

​

Year Ended December 31, 

 

​

  ​ ​ ​

​

2024

  ​ ​ ​

​

2023

 

​

​

​

Amount

​

Percent

​

​

Amount

​

Percent

​

U.S. statutory federal rate

​

$

4,342,478

​

21.00

%  

$

7,979,149

​

21.00

%

State taxes, net of federal effect

 

​

149,323

​

0.72

%  

​

1,093,433

​

2.88

%

Foreign rate differential

 

​

(2,365,946)

​

(11.45)

%  

​

(2,172,793)

​

(5.71)

%

Permanent items

 

​

94,551

​

0.46

%  

​

(120,739)

​

(0.32)

%

Change in valuation allowance

 

​

(1,892)

​

—

%  

​

(29,036)

​

(0.08)

%

Effective tax rate

 

$

2,218,514

​

10.73

%  

$

6,750,014

​

17.77

%

Schedule of tax effects of significant items net long-term deferred tax assets liability

The tax effects of significant items comprising the Company’s net long-term deferred tax liability as of December 31, 2025 and 2024 were as follows:

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​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Continuing Operations

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​

​

​

​

​

Deferred tax assets:

 

​

  ​

 

​

  ​

Net operating loss carryforwards

​

$

212,772

​

$

80,285

Accruals and reserves

​

​

220,343

​

​

209,549

Operating lease liabilities

​

​

439,254

​

​

425,797

Capitalized research expenditures

​

​

—

​

​

316,937

Others

​

​

156,196

​

​

88,750

Valuation allowances

​

 

—

​

 

—

​

​

 

1,028,565

​

 

1,121,318

Deferred tax liabilities:

​

 

  ​

​

 

  ​

Property and equipment

​

 

764,116

​

 

239,830

Intangible assets

​

 

525,359

​

 

672,973

Operating lease right-of-use assets

​

 

433,058

​

 

419,408

Others

​

​

13,476

​

​

—

​

​

 

1,736,009

​

 

1,332,211

​

​

​

​

​

​

​

Net deferred tax liabilities

​

$

(707,444)

​

$

(210,893)

​

​

​

​

​

​

​

Schedule of tax payments, net of refunds received during the year

The Company made tax payments, net of refunds received during the year ended December 31, 2025, as follows:

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​

​

​

​

December 31, 

​

2025

Jurisdiction

​

​

United States

$

1,989,000

Florida

 

203,000

Other States

 

175,076

Net Payment

$

2,367,076

​