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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:

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:

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:

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:

December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

Continuing Operations

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:

December 31, 

2025

Jurisdiction

United States

$

1,989,000

Florida

 

203,000

Other States

 

175,076

Net Payment

$

2,367,076