Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	201 7		2016
Current:
Federal	$	1,091,216	$	(71,070	)
State		11,580		2,504
Total current tax provision		1,102,796		(68,566	)
Deferred:
Federal		831,148		(435,495	)
State		-		---
Total deferred tax provision		831,148		(435,495	)
Income tax (benefit)/expense	$	1,933,944	$	(504,061	)

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

	201 7		201 6
Allowance for doubtful accounts	$	773	$	771
Inventory capitalization		6,813		19,071
Depreciation and amortization		70,272		(211,014	)
Investment tax credits		----		475,000
Research & development tax credits		496,930		1,278,690
Compensation costs		838,643		1,000,073
Vacation accrual		179,309		333,396
Net operating loss carryforward		---		(7,280	)
Capital loss carryforward		16,446		26,627
Net long-term deferred tax asset		1,609,186		2,915,334
Less valuation allowance		---		(475,000	)
Net long-term deferred tax asset	$	1,609,186	$	2,440,334

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

	2017			2016
Expected provision at federal statutory tax rate (34%)	$	2,740,010		$	(222,083	)
State taxes, net of federal benefit		11,580			2,504
Stock-based compensation expense		(161,429	)		(269,163	)
Net operating loss carryforward		7,280			(21,412	)
Federal research & development credit		(781,760	)		(144,522	)
Other permanent differences		118,263			150,615
Income tax expense/(benefit)	$	1,933,944		$	(504,061	)