Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year			Year
	December 31, 2019			December 31, 2018
Income Before Provision for Income Taxes	$	9,419,490		$	5,281,730
Statutory rate		21	%		21	%
Tax at statutory rate		1,978,092			1,109,163
State taxes, net of federal benefit		551,179			79,165
Permanent differences		23,889			196,142
Return to Provision Adjustments and Other		(113,533	)		283,550
Provision for income taxes	$	2,439,627		$	1,668,020

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31, 2019			December 31, 2018
Inventories	$	164,768		$	145,844
Bad debts		4,659			8,773
Accrued liabilities		279,508			281,475
Prepaid expense		(116,524	)		(95,371	)
Depreciation and amortization		(2,798,040	)		(2,928,232	)
Research and development and other credit carryforwards		556,387			1,266,043
Right of use lease accounting		(19,600	)		-
Directors stock option plan		163,427			62,134
Total deferred tax liability		(1,765,415	)		(1,259,334	)
Valuation allowance		(47,319	)		(47,319	)
Reserve for uncertain tax positions		(395,000	)		(395,000	)
Total reserves & allowances		(442,319	)		(442,319	)
Net deferred tax liability, net of reserves	$	(2,207,734	)	$	(1,701,653	)

Summary of Operating Loss Carryforwards [Table Text Block]

Tax Year Expires	State NOLs		R& D & Other Credits
2020		-		3,000
2021		-		3,000
2022		-		3,000
2023		-		3,000
2024		-		3,000
2025		-		3,000
2026		-		72,216
2027		-		152,732
2028		-		68,676
2029		191,519		31,081
2030		414,231		44,712
2031		641,229		59,085
2032		-		71,062
2033		532,837		73,198
2034		285,607		76,429
2035		-		73,315
2036 and beyond		-		-
	$	2,065,423	$	740,506