Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income taxes

Schedule of components of income before income taxes

The components of income before income taxes for the years ended December 31, 2024, 2023, and 2022 are as follows:

	Year Ended December 31,
	2024		2023		2022
Foreign (not subject to income taxes)	$	10,699,269	$	10,002,233	$	6,958,583
Mexico		10,922,374		(742,367)		(987,279)
United States		9,412,015		27,649,330		1,394,642
		31,033,658		36,909,196		7,365,946
Discontinued operations		(10,355,184)		1,086,744		2,371,049
	$	20,678,474	$	37,995,940	$	9,736,995

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, 2024, 2023, and 2022, which related to U.S. operations, consisted of the following:

	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	2,282,566	$	5,611,360	$	430,116
State		255,835		1,663,653		(29,157)
Foreign		—		—		—
Total current income tax expense (benefit)		2,538,401		7,275,013		400,959
Deferred:
Federal		(267,100)		(276,070)		(184,469)
State		(52,787)		(248,929)		180,249
Foreign		—		—		—
Total deferred income tax expense (benefit)		(319,887)		(524,999)		(4,220)
Total provision for (benefit from) income taxes	$	2,218,514	$	6,750,014	$	396,739

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, 2024, 2023, and 2022 is as follows:

	Year Ended December 31,
	2024		2023		2023
U.S. statutory federal rate	21.00	%	21.00	%	21.00	%
State taxes, net of federal effect	0.72	%	2.88	%	8.88	%
Foreign rate differential	(11.45)	%	(5.71)	%	(25.57)	%
Research and development tax credit	—	%	—	%	(1.92)	%
Permanent items	0.46	%	(0.32)	%	(0.70)	%
Change in valuation allowance	—	%	(0.08)	%	2.38	%
	10.73	%	17.77	%	4.07	%

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, 2024 and 2023 were as follows:

	December 31,
	2024		2023
Continuing Operations
Deferred tax assets:
Net operating loss carryforwards	$	80,285	$	130,911
Accruals and reserves		209,549		146,057
Operating lease liabilities		425,797		501,397
Capitalized research expenditures		316,937		326,178
Others		88,750		29,094
Valuation allowances		—		—
		1,121,318		1,133,637
Deferred tax liabilities:
Property and equipment		239,830		325,473
Intangible assets		672,973		847,450
Operating lease right-of-use assets		419,408		491,494
		1,332,211		1,664,417
Net deferred tax liabilities	$	(210,893)	$	(530,780)
Discontinued Operations
Deferred tax assets:
Operating loss carryforwards - Mexico	$	—	$	5,844,847
Land basis difference - Mexico		—		2,818,663
Start-up costs - Mexico		—		7,015,484
Valuation allowances		—		(15,678,994)
	$	—	$	—