Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

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

	2018			2017
Current:
Federal	$	58,304		$	1,091,216
State		80,367			11,580
Total current tax provision		138,671			1,102,796
Deferred:
Federal		(495,233	)		831,148
State		---			---
Total deferred tax provision		(495,233	)		831,148
Income tax (benefit)/expense	$	(356,562	)	$	1,933,944

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

	2018			2017
Deferred income tax assets:
Allowance for doubtful accounts	$	5,060		$	773
Inventory capitalization		6,197			6,813
Depreciation and amortization		-			70,272
Research & development tax credits		413,680			496,930
Compensation costs		1,035,983			838,643
Vacation accrual		167,644			179,309
Interest expense carryforward		66,149			---
Net operating loss carryforward		832,565			---
Capital loss carryforward		16,446			16,446
Total deferred tax asset		2,543,724			1,609,186
Deferred incomes tax liability:
Property and equipment - tax over book depreciation		(439,310	)		---
Less valuation allowance		---			---
Net long-term deferred tax asset	$	2,104,414		$	1,609,186

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

	2018			2017
Expected provision at federal statutory tax rate (21% and 34%, respectively)	$	(1,167,092	)	$	2,446,421
Foreign tax loss		99,215			293,589
Adjustment to 2017 tax return		58,304			-
State taxes, net of federal benefit		80,367			11,580
Stock-based compensation expense		185,675			(161,429	)
Net operating loss carryforward		-			7,280
Federal research & development credit		(83,245	)		(781,760	)
Other permanent differences		470,214			118,263
Income tax expense/(benefit)	$	(356,562	)	$	1,933,944