Note D - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

	Years ended December 31,
Current	2019		2018
Federal	$	1,135,209	$	893,768
State		178		27
Total current provision for income taxes		1,135,387		893,795
Deferred
Federal		133,272		219,728
State		-		-
Total deferred provision for income taxes		133,272		219,728
Total provision for income taxes	$	1,268,659	$	1,113,523

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

	Years ended December 31,
	2019						2018
	($)			Tax rate			($)			Tax rate
Income taxes at statutory federal income tax rate	$	1,266,000			21.0	%	$	1,148,000			21.0	%
Nondeductible expenses		1,000			-			1,000			-
Research & development credits		(8,000	)		(0.1	)		(20,000	)		(0.3	)
Non-taxable dividends		(2,000	)		-			(6,000	)		(0.1	)
Other, net		12,000			0.2			(9,000	)		(0.2	)
Provision for income taxes	$	1,269,000			21.1	%	$	1,114,000			20.4	%

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

	December 31,
	2019			2018
Deferred tax assets
Allowance for doubtful accounts	$	4,447		$	3,548
Inventories		7,350			4,200
Accounts payable		14,991			39,227
Accrued expenses		235,633			215,604
Total deferred tax assets	$	262,421		$	262,579
Deferred tax liabilities
Accounts receivable		(445,113	)		(354,787	)
Prepaid expenses		(42,319	)		(38,913	)
Depreciation on property, plant and equipment		(73,384	)		(69,424	)
Unrealized gain on marketable securities		(88,460	)		(53,038	)
Total deferred tax liabilities		(649,276	)		(516,162	)
Net deferred tax liability	$	(386,855	)	$	(253,583	)