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Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

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

		2016				2015
Current:
Federal		$	(71,070	)		$	---
State			2,504				3,070
Total current tax provision			(68,566	)			3,070
Deferred:
Federal			(435,495	)			1,317,125
State			-				---
Total deferred tax provision			(435,495	)			1,317,125
Income tax (benefit)/expense		$	(504,061	)		$	1,320,195

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

		2016				2015
Allowance for doubtful accounts		$	771			$	6,345
Inventory capitalization			19,071				11,540
Depreciation and amortization			(211,014	)			(228,610	)
Investment tax credits			475,000				475,000
Research & development tax credits			1,278,690				1,134,168
Compensation costs			1,000,073				730,909
Vacation accrual			333,396				323,860
Accrued loss on legal settlement			--				--
Net operating loss carryforward			(7,280	)			--
Capital loss carryforward			26,627				26,627
Gross deferred tax asset			2,915,334				2,479,839
Less valuation allowance			(475,000	)			(475,000	)
Net deferred tax asset		$	2,440,334			$	2,004,839
Net current deferred tax asset			428,355				398,009
Net long-term deferred tax asset			2,011,979				1,606,830
Net deferred tax asset		$	2,440,334			$	2,004,839

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

		2016				2015
Expected provision at federal statutory tax rate (34%)		$	(222,083)			$	1,538,565
State taxes, net of federal benefit			2,504				3,070
Stock-based compensation expense			(269,163	)			(252,288	)
Net operating loss carryforward			(21,412	)			954,581
Federal research & development credit			(144,522	)			(437,303	)
Other permanent differences			150,615				(486,430	)
Income tax (benefit)/expense		$	(504,061	)		$	1,320,195

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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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

Reference 1: 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=65882285&loc=d3e32537-109319

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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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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