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Note 9 - Income Taxes (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

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

		Three Months Ended March 31,
		2018				2017
Current:
Federal		$	240,924			$	383,178
State			9,000				9,780
Total current provision			249,924				392,958
Deferred:
Federal		$	(2,154	)		$	291,174
State			----				----
Total deferred (benefit)/provision			(2,154	)			291,174
Income tax expense		$	247,770			$	684,132

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

		Three Months Ended
		March 31,
		2018				2017
Income tax expense at federal statutory rate [21%-2018; 34%-2017]		$	173,587	*		$	717,600
State taxes			9,000				6,455
Change in other accruals			(75	)			5,639
Difference between tax and book depreciation			33,037				54,390
FAS 123R employee compensation			44,860				(36,032	)
Domestic production activities deduction			---				(50,320	)
Net operating loss			---				(13,600	)
Federal research and development credit			(12,639	)			---
Income tax expense/(benefit)		$	247,770			$	684,132

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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