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Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

		2021				2020
Excess of tax over financial accounting		$	708,825			$	624,154
Vacation accrual			-				1,971
Reserve for excess and obsolete inventory			49,615				151,288
Accrued expenses			4,305				-
Accrued interest			13,125				-
Discount amortization			175,420				-
Deferred compensation			52,500				49,556
Net operating loss carryover			9,959,356				7,627,046
Excess of book over tax depreciation			(343,294	)			(610,694	)
Excess of book over tax work in progress			(587,469	)			(817,131	)
Valuation allowance			(10,257,162	)			(7,331,357	)
		$	(224,779	)		$	(305,167	)
Distributed as:
Long-term deferred tax asset			-				-
Long-term deferred tax liability			(224,779	)			(305,167	)
		$	(224,779	)		$	(305,167	)

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

		2021				2020
Computed tax at expected statutory rate		$	(2,349,899	)		$	(2,157,436	)
State and local income taxes, net of federal benefit			(1,387	)			(76,055	)
Non-US income taxed at different rates			(101,856	)			(35,454	)
Deferred compensation			(31,500	)			(52,165	)
Non-deductible expenses			1,565				2,243
Non-taxable income			-				(75,562	)
Change in valuation allowance			2,209,294				1,918,579
Other			210,747				10,705
Income tax expense (benefit)		$	(63,036	)		$	(465,145	)

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

		2021				2020
Current income taxes:
Danish		$	-			$	(401,945	)
Federal			-				-
State			-				-
Current tax (benefit)		$	-			$	(401,945	)
Deferred income taxes:
Book in excess of tax depreciation		$	(309,719	)		$	(419,523	)
Work in progress			(174,093	)			(44,862	)
Net operating loss carryover			(2,667,221	)			(389,616	)
Valuation allowance			2,811,619				844,826
Deferred compensation			31,500				(52,165	)
Accrued interest			13,125				-
Discount amortization			175,420				-
Accrued vacation			4,305				(16,707	)
Reserve for obsolete inventory			52,028				14,847
Deferred tax expense (benefit)		$	(63,036	)		$	(63,200	)
Total tax expense (benefit)		$	(63,036	)		$	(465,145	)

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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-Name Accounting Standards Codification
-Topic 740
-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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