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Note 9 - Income Taxes (Tables)

6 Months Ended

Jun. 30, 2016

Notes Tables

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

		Six Months Ended June 30,
		2016				2015
Current:
Federal		$	(71,070	)		$	645,116
State			--				12,173
Total Current Provision			(71,070	)			657,289
Deferred:
Federal		$	(632,992	)		$	26,920
State			----				----
Total deferred			(632,992	)			26,920
Income tax expense/(benefit)		$	(704,062	)		$	684,209

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

		Six Months Ended
		June 30,
		2016				2015
Income tax benefit at federal statutory rate [34%]		$	(353,981	)		$	913,700
Change in other accruals			(50,866	)			23,175
Difference between tax and book depreciation			(53,112	)			(12,975	)
Stock-based compensation			(117,727	)			(28,120	)
Research and development credits			(57,306	)			(571,583	)
Domestic production activities deduction			--				(83,411	)
Net operating loss carryforward			--				954,581
Tax carryback			--				(511,158	)
Provision for 2014 tax return true up			(71,070	)			--
Income tax (benefit)/expense		$	(704,062	)		$	684,209

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=65882285&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=65882285&loc=d3e32687-109319

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- References

No definition available.

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