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Note 19 - Out-of-Period Adjustment | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Error Corrections and Prior Period Adjustments [Text Block] |
19. | Out-of-Period Adjustment
During the financial close for the year ended December 31, 2021, the Company discovered certain immaterial errors in its income tax accounting related to state tax apportionments and deferred tax assets in relation to Incentive Stock Options (“ISO”). In periods prior to January 1, 2020, the Company should have recognized approximately $291,000 of additional tax expense, primarily related to stock compensation from ISOs’. As a result, the Company has increased its accrued liabilities by $12,000 and deferred income tax liabilities by $279,000 and decreased its retained earnings by $291,000 as of December 31, 2019. Furthermore, for the year ended December 31, 2020, the Company should have recognized $154,000 in additional state income tax expense and $44,000 in additional income tax expense for ISOs that were being treated as deferred tax asset instead of expense. The error was corrected by increasing the provision for income tax in 2020 by $198,000. Accrued liabilities were increased by $198,000, deferred income tax liabilities were increased by $279,000 and retained earnings was decreased by $489,000 as of December 31, 2020. These revisions resulted in a decrease of earnings per share and diluted earnings per share of $.01 and $.02, respectively for the year ended December 31, 2020. Management has determined that this revision was not material on a quantitative or qualitative basis to the prior period financial statements based on our analysis performed in accordance with the guidance provided by SEC Staff Accounting Bulletins No. 99 – Materiality and No. 108 – Considering the Effects of Prior Year Misstatements

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- Definition Disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References No definition available. + Details
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