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Note 9 - Income Taxes

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE

9:

     INCOME TAXES

The provision for income taxes includes the following:

		Six Months Ended June 30,
		2018				2017
Current:
Federal		$	48,330			$	758,297
State			3,500				11,580
Total Current Provision			51,830				769,877
Deferred:
Federal		$	56,888			$	488,038
State			----				----
Total deferred			56,888				488,038
Income tax expense		$	108,718			$	1,257,915

Tax Rate Reconciliation 

The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory rate is as follows:

		Six Months Ended
		June 30,
		2018				2017
Income tax (benefit)/expense at federal statutory rate [21%-2018; 34%-2017]		$	(79,430	)		$	1,361,450
State taxes			3,500				7,643
Change in other accruals			4,769				101
Difference between tax and book depreciation			39,827				91,033
Stock-based compensation			140,052				(58,334	)
Domestic production activities deduction			---				(137,178	)
Net operating loss carryforward			---				(6,800	)
			--			---
Income tax expense		$	108,718			$	1,257,915

● The Company’s foreign entity, CVD Tantaline ApS, has incurred losses since its inception in December 2016, which would have provided a deferred tax asset of approximately $277,000 at June 30, 2018, based on the standard corporate tax rate of 22% in Denmark. However, sufficient uncertainty exists as to the realizability of these assets such that a full valuation allowance is necessary.

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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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