Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.3.1.900
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2015
INCOME TAXES  
Schedule of current and deferred provision (benefit) for income taxes

 

 

2015

 

2014

 

Current:

 

 

 

 

 

Federal

 

(28,000

)

 

State

 

48,188

 

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

$

20,188

 

$

 

 

 

 

 

 

 

 

 

Deferred:

 

 

 

 

 

Federal

 

(6,046,674

)

(3,942,754

)

State

 

(1,171,260

)

(824,804

)

Foreign

 

(958,702

)

(184,751

)

 

 

 

 

 

 

 

 

(8,176,636

)

(4,952,309

)

 

 

 

 

 

 

 

 

$

(8,156,448

)

$

(4,952,309

)

 

 

 

 

 

 

 

 

 

Summary of reconciliation between effective tax rate and statutory federal rate (in dollars)

 

 

2015

 

2014

 

Tax benefit computed at “expected” statutory rate 

 

$

(8,533,296

)

$

(2,742,728

)

State income taxes, net of benefit

 

(818,432

)

(48,135

)

Permanent differences :

 

 

 

 

Deemed Dividend

 

 

432,307

 

Stock based compensation and consulting

 

738,904

 

581,216

 

Transaction Cost

 

208,481

 

 

 

Other permanent differences

 

247,895

 

2,535

 

Timing differences

 

 

 

 

Amortization of patents and other

 

 

 

Change in valuation allowance 

 

 

(3,177,504

)

 

 

 

 

 

 

Net income tax benefit 

 

$

(8,156,448

)

$

(4,952,309

)

 

 

 

 

 

 

 

 

 

Summary of reconciliation between effective tax rate and statutory federal rate (as a percent)

 

 

2015

 

2014

 

 

 

 

 

 

 

Computed “expected” tax expense (benefit)

 

-34.00

%

(34.00 

)%

State income taxes

 

(3.26 

)%

(0.60 

)%

Permanent differences

 

4.75 

%

12.60 

%

Timing differences

 

%

%

Change in valuation allowance

 

%

(39.39 

)%

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate

 

(32.51 

)%

(61.39 

)%

 

 

 

 

 

 

 

Summary of deferred tax asset

 

 

2015

 

2014

 

Deferred tax assets:

 

 

 

 

 

Total deferred tax assets

 

$

12,437,741

 

$

4,789,293

 

Total deferred tax liabilities

 

(1,044,997

)

(1,823,884

)

Less: valuation allowance

 

 

 

 

 

 

 

 

 

Net deferred tax asset

 

$

11,392,744

 

$

2,965,409