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Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

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

		2024				2023
Excess of tax over financial accounting		$	1,588,748			$	1,454,389
Reserve for excess and obsolete inventories			266,007				190,841
Discount amortization			853,619				724,353
Net operating loss carryover			12,963,223				11,580,458
Excess of book over tax depreciation			(323,115	)			(359,917	)
Excess of book over tax work in progress			-				190,196
Valuation allowance			(15,406,442	)			(13,881,379	)
		$	(57,960	)		$	(101,059	)
Distributed as:
Long-term deferred tax asset			-				-
Long-term deferred tax liability			(57,960	)			(101,059	)
		$	(57,960	)		$	(101,059	)

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

		2024				2023
Computed tax at expected statutory rate		$	(2,177,319	)		$	(1,843,244	)
State and local income taxes, net of federal benefit			-				(1,177	)
Non-US income taxed at different rates			(80,280	)			(44,279	)
Non-deductible expenses			1,259				5,399
Change in valuation allowance			1,996,655				1,755,013
Other			220,848				(77,919	)
Income tax benefit		$	(38,837	)		$	(206,207	)

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

		2024				2023
Current income taxes:
Danish		$	-			$	(148,668	)
Federal			-				-
State			-				-
Current tax (benefit)		$	-			$	-
Deferred income taxes:
Book in excess of tax depreciation			(156,342	)			(386,673	)
Work in progress			-				(442,964	)
Net operating loss carryover			(2,387,047	)			(402,448	)
Valuation allowance			2,477,718				1,128,197
Discount amortization			129,266				84,190
Reserve for obsolete inventories			(102,432	)			(37,841	)
Deferred tax benefit		$	(38,837	)		$	(57,539	)
Total tax benefit		$	(38,837	)		$	(206,207	)

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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-Section 50
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