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Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

		2020				2019
Excess of tax over financial accounting		$	624,154			$	-
Vacation accrual			1,971				3,908
Reserve for excess and obsolete inventory			151,288				152,680
Business tax credit carryover			-				30,935
Deferred compensation			49,556				17,943
Net operating loss carryover			7,627,046				5,889,088
Excess of book over tax depreciation			(610,694	)			(300,805	)
Excess of book over tax work in progress			(817,131	)			(847,290	)
Valuation allowance			(7,331,357	)			(5,285,222	)
		$	(305,167	)		$	(338,763	)
Distributed as:
Long-term deferred tax asset			-				-
Long-term deferred tax liability			(305,167	)			(338,763	)
		$	(305,167	)		$	(338,763	)

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

		2020				2019
Computed tax at expected statutory rate		$	(2,157,436	)		$	(54,104	)
State and local income taxes, net of federal benefit			(76,055	)			(2,971	)
Non-US income taxed at different rates			(35,454	)			14,635	)
Deferred compensation			(52,165	)			(6,508	)
Non-deductible expenses			2,243				4,794
Non-taxable income			(75,562	)			-
Valuation allowance			1,918,579				(227,182	)
Other			10,705				(25,916	)
Income tax expense (benefit)		$	(465,145	)		$	(297,252	)

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

		2020				2019
Current income taxes:
Danish		$	(401,945	)		$	(311,189	)
Federal			-				-
State			-				-
Current tax (benefit)		$	(401,945	)		$	(311,189	)
Deferred income taxes:
Book in excess of tax depreciation		$	(419,523	)		$	(61,808	)
Allowance for doubtful accounts			-				752
Work in progress			(44,862	)			848,000
Net operating loss carryover			(389,616	)			(344,870	)
Valuation allowance			844,826				(507,935	)
Deferred compensation			(52,165	)			(6,508	)
Accrued vacation			(16,707	)			(2	)
Reserve for obsolete inventory			14,847				86,308
Deferred tax expense (benefit)		$	(63,200	)		$	13,937
Total tax expense (benefit)		$	(465,145	)		$	(297,252	)

X

- 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

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-SubTopic 10
-Section 50
-Paragraph 9
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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

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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

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