Note 8 - Income Taxes

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note 8—Income Taxes

For the six months ended June 30, 2015, the Company recorded income tax expense of $128,650 primarily due to the limitation on the utilization of net operating losses to offset Alternative Minimum Taxable (“AMT”) income which creates an AMT liability for federal tax purposes. At June 30, 2015 and December 31, 2014, the Company had net deferred tax assets that were fully offset by a valuation allowance, as management believes that it is not more likely than not that the Company will realize the benefits of the deductible differences. The deferred tax assets at both June 30, 2015 and December 31, 2014 are principally the result of federal and state net operating loss carryforwards of approximately $137 million. Annual utilization of these net operating loss carry-forwards will be limited by Internal Revenue Code Section 382 due to various changes in corporate ownership over the years. The Company is in the process of completing a study of the annual limitations that will result. These net operating loss carryforwards will expire at various dates through 2033, if unused.

During the six months ended June 30, 2015 and 2014, the Company had no material changes in uncertain tax positions.