NOTE 5 - INCOME TAX RECEIVABLE

12 Months Ended

Dec. 31, 2017

Note 5 - Income Tax Receivable

INCOME TAX RECEIVABLE

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law, making significant changes to the Internal Revenue Code.  Changes include the repeal of corporate Alternative Minimum Tax (AMT) for tax years after December 31, 2017.  As a result, we have recorded a long-term income tax receivable of $598,000 for the refundable AMT credits net of sequestration.