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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Taxes [Abstract] |
Income Taxes | Note 10. Income Taxes The components of the income tax provision are as follows:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 144 |  |  | $ | 201 |
State |  |  | 1 |  |  |  | 1 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | (155 | ) |  |  | (99 | )
State |  |  | 0 |  |  |  | 0 |
Total Federal and State Income Taxes |  | $ | (10 | ) |  | $ | 103 |
The provision for income taxes differs from the amount obtained by applying the U.S. federal income tax rate to pretax income due to the following:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Computed “Expected” Federal Tax Expense |  | $ | 92 |  |  | $ | 79 |
Increase (Decrease) in Taxes Resulting From: |  |  |  |  |  |  |  |
State Income Taxes, net of Federal Benefit |  |  | 1 |  |  |  | 1 |
R&D Credits |  |  | (88 | ) |  |  | (63 | )
Permanent Differences |  |  | 4 |  |  |  | 4 |
Other |  |  | (19 | ) |  |  | 82 |
Total Federal and State Income Taxes |  | $ | (10 | ) |  | $ | 103 |
The components of the net deferred tax asset consist of:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Vacation accrual |  | $ | 27 |  |  | $ | 26 |
Allowance for credit losses |  |  | 2 |  |  |  | 2 |
Stock compensation |  |  | 52 |  |  |  | 6 |
Bonus |  |  | 4 |  |  |  | 2 |
Depreciation and amortization |  |  | 53 |  |  |  | 71 |
Inventory obsolescence |  |  | 2 |  |  |  | 2 |
R&D expenses |  |  | 392 |  |  |  | 273 |
R&D credit carryforward |  |  | 311 |  |  |  | 279 |
Valuation allowance |  |  | (311 | ) |  |  | (279 | )
Total Deferred Tax Assets |  |  | 532 |  |  |  | 382 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Prepaid expenses |  |  | 31 |  |  |  | 27 |
Total Deferred Tax Liabilities |  |  | 31 |  |  |  | 27 |
Net Deferred Tax Asset |  | $ | 501 |  |  | $ | 355 |
R&D credits can be carried forward for twenty years for federal purposes and fifteen years in Minnesota. The Company is materially subject to the following taxing jurisdictions: U.S. and Minnesota. The tax years 2021 through 2023 remain open to examination by the Internal Revenue Service and state jurisdictions. We have no accrued interest or penalties related to uncertain tax positions as of December 31, 2024 or December 31, 2023 and uncertain tax positions are not significant.

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