Note 9 - Income Taxes

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(9) Income Taxes

Components of income tax expense (benefit) for each year are as follows:

	2023		2022
Current:
Federal	$	81,919	$	1,270
State		456		456
Current income tax provision (benefit):		82,375		1,726
Deferred:
Federal		357,507		577,866
State		142,203		176,676
Deferred income tax provision (benefit), net		499,710		754,542
Total	$	582,085	$	756,268

Deferred tax assets as of December 30, 2023 and December 31, 2022 are as follows:

	December 30, 2023		December 31, 2022
Deferred Tax Assets:
Net operating loss carryforwards	$	-	$	132,632
Stock compensation		209,609		209,092
Credit carryforwards		865,928		1,253,956
Inventory		84,955		80,628
Accrued liabilities		-		5,071
Depreciation		143,081		179,481
Capitalized R&D, net		263,421		205,878
Other		2,732		2,698
Net deferred tax assets	$	1,569,726	$	2,069,436

A summary of the change in the deferred tax asset is as follows:

	2023			2022
Gross deferred tax balance at beginning of year	$	2,069,436		$	2,823,978
Deferred tax benefit (provision)		(499,710	)		(754,542	)
Balance at end of year, net	$	1,569,726		$	2,069,436

Income tax expense is different from the amounts computed by applying the U.S. federal statutory income tax rate of 21 percent to pretax income as a result of the following:

	2023		2022
Tax at statutory rate	$	416,663	$	578,214
State tax, net of federal benefit		142,562		177,036
Other		22,860		1,018
Total	$	582,085	$	756,268

The Company’s income tax filings are subject to review and examination by federal and state taxing authorities. The Company is currently open to audit under the applicable statutes of limitations for the years 2020 through 2023.