XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Note 8 - Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2015
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | 8. INCOME TAXES The provision for income taxes consists of the following:
|  | 201 5 |  |  | 201 4 |  |  | 2013 |
Current provision: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 3,045,292 |  |  | $ | 3,368,974 |  |  | $ | 2,982,023 |
State |  |  | 482,186 |  |  |  | 548,225 |  |  |  | 527,042 |
|  |  | 3,527,478 |  |  |  | 3,917,199 |  |  |  | 3,509,065 |
Deferred provision (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 212,563 |  |  |  | 210,343 |  |  |  | 399,032 |
State |  |  | 76,607 |  |  |  | (26,853 | ) |  |  | 46,945 |
|  |  | 289,170 |  |  |  | 183,490 |  |  |  | 445,977 |
|  | $ | 3,816,648 |  |  | $ | 4,100,689 |  |  | $ | 3,955,042 |
Income before income taxes is earned in the following tax jurisdictions:
|  | 201 5 |  |  | 201 4 |  |  | 2013 |
United States |  | $ | 9,272,854 |  |  | $ | 10,339,632 |  |  | $ | 9,920,099 |
United Kingdom |  |  | (43,567 | ) |  |  | 557,776 |  |  |  | 565,538 |
Canada |  |  | 813,824 |  |  |  | 874,571 |  |  |  | 858,532 |
Australia |  |  | 48,633 |  |  |  | 102,922 |  |  |  | 69,905 |
Spain |  |  | 127,309 |  |  |  | (67,291 | ) |  |  | (193,315 | )
|  | $ | 10,219,053 |  |  | $ | 11,807,610 |  |  | $ | 11,220,759 |
The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows:
|  | 2015 |  |  | 201 4 |
Deferred income tax assets: |  |  |  |  |  |  |  |
Allowance for doubtful accounts |  | $ | - |  |  | $ | 150 |
Capitalized inventory costs |  |  | 260,385 |  |  |  | 306,592 |
Warrants and stock-based compensation |  |  | 44,151 |  |  |  | 44,151 |
Accrued expenses, reserves, and other |  |  | 66,444 |  |  |  | 64,747 |
Total deferred income tax assets |  |  | 370,980 |  |  |  | 415,640 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |
Property and equipment depreciation |  |  | 1,529,397 |  |  |  | 1,299,826 |
Goodwill and other intangible assets amortization |  |  | 217,268 |  |  |  | 202,328 |
Total deferred income tax liabilities |  |  | 1,746,665 |  |  |  | 1,502,154 |
Net deferred tax asset (liability) |  | $ | (1,375,685 | ) |  | $ | (1,086,514 | )
The net deferred tax liability is classified on the balance sheets as follows:
|  | 201 5 |  |  | 201 4 |
Current deferred tax assets |  | $ | 326,830 |  |  | $ | 371,491 |
Long-term deferred tax liabilities |  |  | (1,702,515 | ) |  |  | (1,458,005 | )
Net deferred tax asset (liability) |  | $ | (1,375,685 | ) |  | $ | (1,086,514 | )
The effective tax rate differs from the statutory rate as follows:
|  | 2015 |  |  | 201 4 |  |  | 2013 |
Statutory rate – Federal US income tax |  |  | 34 | % |  |  | 34 | % |  |  | 34 | %
State and local taxes |  |  | 6 | % |  |  | 5 | % |  |  | 6 | %
Non-U.S. income tax at different rates |  |  | - |  |  |  | (1% | ) |  |  | (1% | )
Domestic production activities deduction |  |  | (1% | ) |  |  | (1% | ) |  |  | (2% | )
Other, net |  |  | (2% | ) |  |  | (2% | ) |  |  | (2% | )
Effective rate |  |  | 37 | % |  |  | 35 | % |  |  | 35 | %
We file a consolidated U.S. income tax return as well as state tax returns on a consolidated, combined, or stand-alone basis, depending on the jurisdiction. We are no longer subject to U.S. federal income tax examinations by tax authorities for years prior to the tax year ended December 2013. Depending on the jurisdiction, we are no longer subject to state examinations by tax authorities for years prior to the December 2012 and December 2013 tax years.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: 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 Reference 5: 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 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration