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Note 9 - Income Taxes (Tables)

6 Months Ended

Jun. 30, 2015

Notes Tables

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

		Six Months Ended June 30,
		2015				2014
Current:
Federal		$	645,116			$	----
State			12,173				----
Total Current Provision			657,289				----
Deferred:
Federal		$	26,920			$	(223,152	)
State			----				381,345
Total deferred			26,920				158,193
Income tax expense/(benefit)		$	684,209			$	158,193

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

		Six Months Ended
		June 30,
		2015				2014
Income tax benefit at federal statutory rate [34%]		$	913,700			$	31,286
Change in capitalized inventory (Section 263A)							477
Change in vacation accrual			--				(10,392	)
Change in other accruals			23,175				(24,228	)
Difference between tax and book depreciation			(12,975	)			(24,091	)
Stock-based compensation			(28,120	)			(86,271	)
Research and development credits			(571,583	)			(109,933	)
Domestic production activities deduction			(83,411	)			--
Net operating loss carryforward			954,581				--
Tax carryback			(511,158	)			--
Impact of New York State taxation change			--				381,345
Income tax expense		$	684,209			$	158,193

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

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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X

- Definition

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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No definition available.

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