XML 55 R41.htm IDEA: XBRL DOCUMENT v3.23.1
Income taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income taxes  
Schedule of components of income before income taxes

The components of income before income taxes for the years ended December 31, 2022 and 2021 are as follows:

Year Ended December 31, 

    

2022

    

2021

Foreign (not subject to income taxes)

$

6,958,583

$

5,780,692

Mexico

 

(987,279)

 

(1,767,915)

United States

 

1,394,642

 

(2,952,265)

 

7,365,946

 

1,060,512

Less discontinued operations

 

2,371,049

 

2,574,079

$

9,736,995

$

3,634,591

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

The Company’s provision (benefit) for income taxes for the years ended December 31, 2022 and 2021, which related to U.S. operations, consists of the following:

Year Ended December 31, 

    

2022

    

2021

Current:

Federal

$

430,116

$

202,444

State

(29,157)

(895)

Foreign

Total

400,959

201,549

Deferred:

 

 

Federal

(184,469)

(524,733)

State

180,249

(124,798)

Foreign

Total

(4,220)

(649,531)

Total provision (benefit)

$

396,739

$

(447,982)

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 years ended December 31, 2022 and 2021 is as follows:

Year Ended December 31, 

 

    

2022

    

2021

 

U.S. statutory federal rate

21.00

%  

21.00

%

State taxes, net of federal effect

 

8.88

%  

2.72

%

Nontaxable foreign income

 

(25.57)

%  

(43.36)

%

Research & development tax credit

 

(1.92)

%  

(7.39)

%

Permanent items

 

(0.70)

%  

(6.26)

%

Goodwill impairment

%  

20.31

%

Valuation allowance for deferred tax assets

 

2.38

%  

0.65

%

 

4.07

%  

(12.33)

%

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, 2022 and 2021 were as follows:

December 31, 

    

2022

    

2021

Continuing Operations

Deferred tax assets:

 

  

 

  

Research & development tax credits

$

58,069

$

398,413

Loss carryforward

443,076

300,545

Accrued compensation

82,503

112,446

Operating lease liabilities

412,840

469,398

Valuation allowances

 

(29,036)

 

(139,207)

 

967,452

 

1,141,595

Deferred tax liabilities:

 

  

 

  

Property and equipment

 

293,195

 

254,301

Intangible assets

 

821,723

 

982,422

Operating lease right-of-use assets

 

412,840

 

469,398

 

1,527,758

 

1,706,121

Net deferred tax liability

$

560,306

$

564,526

Discontinued Operations

Deferred tax assets:

Operating loss carryforwards - Mexico

$

5,378,177

$

4,230,398

Land basis difference - Mexico

2,163,681

1,602,470

Start-up costs - Mexico

4,274,858

4,693,395

Valuation allowances

(11,816,716)

(10,526,263)

$

$