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Note 10 - Income Taxes

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE

10:

     INCOME TAXES

The provision for income taxes includes the following:

		Nine Months Ended September 30,
		2018				2017
Current:
Federal		$	---			$	1,195,528
State			---				11,580
Total Current Provision							1,207,108
Deferred:
Federal		$	(315,922	)		$	559,123
State			----				----
Total deferred			(315,922	)			559,123
Income tax (benefit)/expense		$	(315,922	)		$	1,766,231

Tax Rate Reconciliation 

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

		Nine Months Ended
		September 30,
		2018				2017
Income tax (benefit)/expense at federal statutory rate [21%-2018; 34%-2017]		$	(652,837	)		$	2,075,004
Change in other accruals			45,540				90,781
Difference between tax and book depreciation			89,558				(201,847	)
Stock-based compensation			201,817				(197,707	)
Income tax (benefit)/expense		$	(315,922	)		$	1,766,231

● 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 $303,000 at September 30, 2018 and $190,000 at December 31, 2017, 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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