Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

	2019			2018
Vacation accrual	$	3,908		$	3,814
Allowance for doubtful accounts		-			734
Reserve for excess and obsolete inventory		152,680			241,624
Business tax credit carryover		30,935			-
Deferred compensation		17,943			24,451
Net operating loss carryover		5,889,088			5,184,992
Excess of book over tax depreciation		(300,805	)		(33,182	)
Excess of book over tax work in progress		(847,290	)		-
Valuation allowance		(5,285,222	)		(5,422,433	)
	$	(338,763	)	$	-
Distributed as:
Long-term deferred tax asset		-			-
Long-term deferred tax liability		(338,763	)		-
	$	(338,763	)	$	-

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

	2019			2018
Computed tax at expected statutory rate	$	(54,104	)	$	(877,791	)
State and local income taxes, net of federal benefit		(2,971	)		(9	)
Non-US income taxed at different rates		14,635			(15,535	)
Effect of change in corporate tax rate		-			321,925
Deferred compensation		(6,508	)
Non-deductible expenses		4,794			14,580
Valuation allowance		(227,182	)		193,584
Other		(25,916	)		(2,184	)
Income tax expense (benefit)	$	(297,252	)	$	(365,430	)

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

	2019			2018
Current income taxes:
Danish	$	(311,189	)	$	(365,430	)
Federal		-			-
State		-			-
Current tax (benefit)	$	(311,189	)	$	(365,430	)
Deferred income taxes:
Book in excess of tax depreciation	$	(61,808	)	$	(40,231	)
Allowance for doubful accounts		752			-
Work in progress		848,000			-
Net operating loss carryover		(344,870	)		(729,928	)
Valuation allowance		(507,935	)		704,876
Deferred compensation		(6,508	)		13,127
Accrued vacation		(2	)		(949	)
Reserve for obsolete inventory		86,308			53,105
Deferred tax expense (benefit)	$	13,937		$	-
Total tax expense (benefit)	$	(297,252	)	$	(365,430	)