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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:

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​

​

​

​

​

​

​

​

​

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:

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​

​

​

​

​

​

​

​

​

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:

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​

​

​

​

​

​

​

​

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:

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​

​

​

​

​

​

​

​

​

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)

​

​

$

—

​

$

—

​