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Note 8 - Income Taxes (Tables)

9 Months Ended

Sep. 30, 2013

Income Tax Disclosure [Abstract]

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

		2013				2012
Vacation accrual		$	4,093			$	4,093
Allowance for doubtful Accounts			243,314				243,314
Reserve for obsolete inventory			32,844				19,925
Net current tax assets		$	280,251			$	267,332
Business tax credit carryover			25,379				25,379
Net operating loss carryover			1,906,914				856,517
Excess of book over tax depreciation			(810,526	)			(805,949	)
Long term tax asset		$	1,121,767			$	75,947

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

		2013				2012
Computed tax at expected statutory rate		$	(1,335,240	)		$	(346,516	)
State and local income taxes, net of federal benefits			(15,743	)			(5,349	)
Non-deductible expenses			205,498				3,768
Non-US income taxed at different rates			100,735				3,203
Other items			(557	)			(16,492	)
Income tax expense (benefit)		$	(1,045,307	)		$	(361,386	)

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

		2013				2012
Current income tax expense:
Danish		$	-			$	152,458
Federal			-				(145,020	)
State			-				(45,547	)
Current tax expense		$	-			$	(38,109	)
Deferred tax expense (benefit) arising from:
Excess of tax over financial accounting depreciation		$	-			$	71,129
Net operating loss carryover			(1,032,389	)			(310,138	)
Allowance for doubtful accounts			-				(88,820	)
Reserve for obsolete inventory			(12,918	)			4,552
Deferred tax expense		$	(1,045,307	)		$	(323,277	)
Income tax expense (benefit)		$	(1,045,307	)		$	(361,386	)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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