Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

	2020			2019
Current:
Federal	$	(1,528,305	)	$	-
State		950			(11,506	)
Total current tax provision		(1,527,355	)		(11,506	)
Deferred:
Federal		-			1,425,414
State		---			---
Total deferred tax provision		-			1,425,414
Income tax expense / (benefit)	$	(1,527,355	)	$	1,413,908

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

	2020			2019
Deferred income tax assets:
Allowance for doubtful accounts	$	35,442		$	5,293
Inventory capitalization		6,969			7,107
Impairment Charge		712,683			-
Research & development tax credits		1,719,598			588,096
Compensation costs		211,363			202,287
Vacation accrual		89,626			142,230
Interest expense carryforward		223,768			144,340
Net operating loss carryforward		925,912			1,798,315
Other items		12,248			52,232
Total deferred tax asset		3,937,609			2,939,900
Deferred incomes tax liability:
Property and equipment - tax over book depreciation		(556,476	)		(442,486	)
Less valuation allowance		(3,381,133	)		(2,497,414
Net long-term deferred tax asset	$	-		$	-

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

	2020			2019
Expected provision at federal statutory tax rate (21%)	$	(1,596,485	)	$	(1,031,888	)
Provision for valuation allowance		883,796			2,497,414
Foreign tax loss		70,492			57,856
Net operating loss carryback		(1,527,355	)		-
State taxes, net of federal benefit		(36,832	)		(11,506	)
Federal research & development credit		(64,266	)		(174,416	)
Other permanent differences		743,295			76,448
Income (benefit) / tax expense	$	(1,527,355	)	$	1,413,908