INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax provision is summarized as follows:

	Year Ended December 31,
	2023			2022
Current:
Federal	$	339,000		$	563,000
State		62,000			96,000
		401,000			659,000
Deferred:
Federal		12,000			(89,000	)
State		(1,000	)		(37,000	)
Decrease in valuation allowance		-			(1,915,000	)
		11,000			(2,041,000	)
Income tax (benefit) provision	$	412,000		$	(1,382,000	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The actual income tax provision differs from the “expected” tax computed by applying the Federal corporate tax rate of 21% to the income before income taxes as follows:

	Year Ended December 31,
	2023			2022
“Expected” income tax benefit	$	474,000		$	389,000
State tax expense, net of Federal benefit		49,000			99,000
Decrease in valuation allowance		-			(1,915,000	)
Other		(111,000	)		45,000
Income tax provision	$	412,000		$	(1,382,000	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences which give rise to significant portions of the deferred taxes are summarized as follows:

	December 31,
	2023			2022
Deferred tax assets:
Inventory reserves	$	1,534,000		$	1,513,000
Allowances for bad debts and returns		2,000			2,000
Accrued expenses		26,000			23,000
Asset valuation reserve		539,000			539,000
Other		79,000			107,000
Total deferred tax assets		2,180,000			2,184,000
Valuation allowance		-			-
		2,180,000			2,184,000
Deferred tax liabilities:
Deferred state taxes		(137,000	)		(137,000	)
Total deferred tax liabilities		(137,000	)		(137,000	)
Net deferred tax assets	$	2,043,000		$	2,047,000