MICRON SOLUTIONS INC /DE/ - 10-K filing on 2016-03-10

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015



	Years Ended
	December 31,
	2015		2014
Deferred income taxes:
Current deferred tax assets:
Inventories	$	93,600	$	188,300
Bad debt reserve		23,700		65,200
Accrued expenses		—		25,100
Total current deferred tax assets		117,300		278,600
Long-term deferred tax assets:
Net operating loss carryforwards		3,221,000		2,982,100
Foreign net operating loss carryforwards		—		291,100
Federal and state tax credit carryforwards		608,000		421,700
Patents and intangibles		68,100		73,000
Stock compensation		89,800		89,700
Other long term		45,500		142,100
Total long-term deferred tax assets		4,032,400		3,999,700
Total deferred tax assets		4,149,700		4,278,300
Current deferred tax liabilities:
Prepaid expenses		(64,600)		(59,900)
Long-term deferred tax liabilities:
Property, plant and equipment		(612,800)		(976,400)
Total deferred tax liabilities		(677,400)		(1,036,300)
Deferred tax valuation allowance		(3,472,300)		(3,242,000)
Net deferred tax assets (liabilities)	$	—	$	—



	Years Ended
	December 31,
	2015		2014
Tax (benefit) provision computed at statutory rate	$	(145,442)	$	224,867
Increases (reductions) due to:
Change in valuation allowance		230,300		(136,268)
State income taxes, net of federal benefit		615		23,475
Permanent differences		479		14,561
Tax credits (federal and state)		(108,194)		(6,630)
Utilization of deferred taxes previously reserved		—		(117,837)
Differences on prior returns (federal and state)		23,174		—
Income tax provision	$	932	$	2,168