Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Notes Tables

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

	2015		2014
Current:
Federal	$	--	$	240,591
State		3,070		7,258
Total current tax provision		3,070		247,849
Deferred:
Federal		1,317,125		(1,865,134	)
State		-		381,345
Total deferred tax provision		1,317,125		(1,483,789	)
Income tax expense/(benefit)	$	1,320,195	$	(1,235,940	)

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

	2015			2014
Allowance for doubtful accounts	$	6,345		$	16,826
Inventory capitalization		11,540			23,185
Depreciation and amortization		228,610			(371,669	)
Investment tax credits		475,000			475,000
Research & development tax credits		1,134,168			696,865
Compensation costs		730,909			375,080
Vacation accrual		323,860			242,099
Accrued loss on legal settlement		--			1,674,500
Net operating loss carryforward		--			954,580
Capital loss carryforward		26,627			26,627
Gross deferred tax asset		2,479,839			4,113,093
Less valuation allowance		(475,000	)		(475,000	)
Net deferred tax asset	$	2,004,839		$	3,636,093
Net current deferred tax asset		398,009			2,887,960
Net long-term deferred tax asset		1,606,830			750,133
Net deferred tax asset	$	2,004,839		$	3,638,093

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

	2015			2014
Expected provision at federal statutory tax rate (34%)	$	1,538,565		$	(1,261,218	)
State taxes, net of federal benefit		3,070			7,258
Stock-based compensation expense		(252,288	)		(307,737	)
Net operating loss carryforward		954,581			(37,327	)
Federal research & development credit		(437,303	)		(181,782	)
Other permanent differences		(486,430	)		163,521
Impact of New York State taxation change		--			381,345
Income tax expense/(benefit)	$	1,320,195		$	(1,235,940	)