Note 8 – Income taxes:

The components of the Company’s consolidated provision for income taxes are as follows:

	2015		2014
Federal – current	$	136,479	$	961,573
Federal – deferred		101,290		(37,242	)
State – current		1,842		24,949
State – deferred		3,065		(406	)
Total provision for income taxes	$	242,676	$	948,874

The reconciliation of the provision for income taxes at the statutory rate to the reported provision for income taxes is as follows:

	2015			%			2014			%
Income Tax computed at statutory rate	$	239,146			34.0	%	$	1,013,133			34.0	%
State tax, net of federal benefit		889			0.1	%		16,300			0.5	%
Loss attributable to noncontrolling interest		---			0.0	%		5,831			0.2	%
Share based compensation		(2,881	)		(0.4	)%		(738	)		0.0	%
Other, permanent adjustments		6,079			0.9	%		(79,733	)		-2.7	%
Tax credits and prior year tax adj.		(557	)		-0.1	%		(5,919	)		-0.2	%
Provision for income taxes	$	242,676			34.5	%	$	948,874			31.8	%

The Company’s deferred tax asset and liability accounts consisted of the following at December 31, 2015 and 2014:

	2015			2014
Deferred taxes – current
Reserves for trade accounts receivable and inventories	$	125,335		$	123,360
Total deferred tax asset current	$	125,335		$	123,360

Deferred taxes - non-current
Depreciation of property and equipment	$	(365,012	)	$	(258,682	)
Total deferred tax liability non-current	$	(365,012	)	$	(258,682	)