Note 8 - Income Taxes
|3 Months Ended|
Mar. 31, 2019
|Notes to Financial Statements|
|Income Tax Disclosure [Text Block]||
threemonth period ended
March 31, 2019and
April 1, 2018,the Company recorded current income tax expense of
$110,respectively, in connection with U.S. state taxes and taxes on profits in certain foreign jurisdictions. The Company also recorded deferred income tax recoveries of
$84,respectively, in connection with temporary differences related to the Mexican operations.
In assessing the realization of deferred tax assets, management considers whether it is more likely than
notthat some portion or all of its deferred tax assets will
notbe realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. Management considers the scheduled reversal of deferred tax liabilities, change of control limitations, projected future taxable income and tax planning strategies in making this assessment. Guidance under ASC
740,Income Taxes, (“ASC
740”) states that forming a conclusion that a valuation allowance is
notneeded is difficult when there is negative evidence, such as cumulative losses in recent years in the jurisdictions to which the deferred tax assets relate. The U.S., Canadian and Asian jurisdictions continue to have a full valuation allowance recorded against the deferred tax assets.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef