Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

	201 9			201 8
Current:
Federal	$	-		$	58,304
State		(11,506	)		80,367
Total current tax provision		(11,506	)		138,671
Deferred:
Federal		1,425,414			(495,233	)
State		---			---
Total deferred tax provision		1,425,414			(495,233	)
Income tax expense / (benefit)	$	1,413,908		$	(356,562	)

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

				Revised
	201 9			201 8
Deferred income tax assets:
Allowance for doubtful accounts	$	5,293		$	5,060
Inventory capitalization		7,107			6,197
Depreciation and amortization		-			-
Research & development tax credits		588,096			413,680
Compensation costs		202,287			356,983
Vacation accrual		142,230			167,644
Interest expense carryforward		144,340			66,149
Net operating loss carryforward		1,798,315			832,565
Other items		52,232			16,446
Total deferred tax asset		2,939,900			1,864,724
Deferred incomes tax liability:
Property and equipment - tax over book depreciation		(442,486	)		(439,310	)
Less valuation allowance		(2,497,414	)		---
Net long-term deferred tax asset	$	-		$	1,425,414

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

	201 9			201 8
Expected provision at federal statutory tax rate (21%)	$	(1,031,888	)	$	(1,167,092	)
Provision for valuation allowance		2,497,414			-
Foreign tax loss		57,856			99,215
Adjustment to 2017 tax return		-			58,304
State taxes, net of federal benefit		(11,506	)		80,367
Stock-based compensation expense		-			185,675
Federal research & development credit		(174,416	)		(83,245	)
Other permanent differences		76,448			470,214
Income tax expense/(benefit)	$	1,413,908		$	(356,562	)