INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
INCOME TAXES |
|
Schedule of current and deferred provision (benefit) for income taxes |
|
|
2016
|
|
2015
|
|
US Net Income/(loss)
|
|
(21,151,022
|
)
|
(15,246,302
|
)
|
Foreign Net Income (loss)
|
|
(7,677,850
|
)
|
(1,693,557
|
)
|
|
|
|
|
|
|
|
|
(28,828,872
|
)
|
(16,939,859
|
)
|
|
|
2016
|
|
2015
|
|
Current:
|
|
|
|
|
|
Federal
|
|
$
|
53,634
|
|
$
|
(28,000
|
)
|
State
|
|
101,969
|
|
48,188
|
|
Foreign
|
|
4,077
|
|
—
|
|
|
|
$
|
159,680
|
|
$
|
20,188
|
|
Deferred:
|
|
|
|
|
|
Federal
|
|
$
|
10,182,479
|
|
$
|
(6,046,674
|
)
|
State
|
|
1,996,064
|
|
(1,171,260
|
)
|
Foreign
|
|
(821,416
|
)
|
(958,702
|
)
|
|
|
$
|
11,357,127
|
|
$
|
(8,176,636
|
)
|
Total provision (benefit)
|
|
$
|
11,516,807
|
|
$
|
(8,156,448
|
)
|
|
Schedule of differences between the Company's effective tax rate and the statutory federal rate (in dollars) |
|
|
2016
|
|
2015
|
|
Tax benefit computed at “expected” statutory rate
|
|
$
|
(6,018,384
|
)
|
$
|
(8,533,296
|
)
|
State income taxes, net of benefit
|
|
(406,978
|
)
|
(818,432
|
)
|
Permanent differences :
|
|
|
|
|
|
Deemed Dividend
|
|
—
|
|
—
|
|
Stock based compensation and consulting
|
|
525,774
|
|
738,904
|
|
Transaction Cost
|
|
|
|
208,481
|
|
Other permanent differences
|
|
(345,981
|
)
|
247,895
|
|
Foreign rate Differential
|
|
350,180
|
|
—
|
|
Amortization of patents and other
|
|
—
|
|
—
|
|
Change in valuation allowance
|
|
17,412,196
|
|
—
|
|
|
|
|
|
|
|
Net income tax benefit
|
|
$
|
11,516,807
|
|
$
|
(8,156,448
|
)
|
|
|
|
|
|
|
|
|
|
Schedule of differences between the Company's effective tax rate and the statutory federal rate (as a percent) |
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Computed “expected” tax expense (benefit)
|
|
(34.00
|
)%
|
(34.00
|
)%
|
State income taxes
|
|
(2.30
|
)%
|
(3.26
|
)%
|
Permanent differences
|
|
2.97
|
%
|
4.75
|
%
|
Timing differences
|
|
—
|
%
|
—
|
%
|
Change in valuation allowance
|
|
98.37
|
%
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
65.04
|
%
|
(32.51
|
)%
|
|
|
|
|
|
|
|
Schedule of deferred tax assets |
|
|
2016
|
|
2015
|
|
Deferred tax assets:
|
|
|
|
|
|
Total deferred tax assets
|
|
$
|
17,412,196
|
|
$
|
12,437,741
|
|
Total deferred tax liabilities
|
|
—
|
|
(1,044,997
|
)
|
Less: valuation allowance
|
|
(17,412,196
|
)
|
—
|
|
|
|
|
|
|
|
Net deferred tax asset
|
|
$
|
—
|
|
$
|
11,392,744
|
|
|
|
|
|
|
|
|
|
|
Schedule of deferred tax asset and deferred tax liability |
|
|
2016
|
|
2015
|
|
Accruals
|
|
$
|
89,649
|
|
$
|
95,356
|
|
Reserves
|
|
—
|
|
—
|
|
Fixed Assets
|
|
(6,968
|
)
|
(8,634
|
)
|
Intangible Assets
|
|
7,005,648
|
|
1,094,758
|
|
Inventory
|
|
—
|
|
—
|
|
State Taxes
|
|
—
|
|
19,961
|
|
Other
|
|
1,839,980
|
|
1,490,489
|
|
Charitable Contributions
|
|
4,410
|
|
—
|
|
Net Operating Loss
|
|
8,425,843
|
|
8,700,814
|
|
AMT Credit
|
|
53,634
|
|
—
|
|
Valuation Allowance
|
|
(17,412,196
|
)
|
—
|
|
|
|
|
|
|
|
Net Deferred Asset/(Liability)
|
|
$
|
—
|
|
$
|
11,392,744
|
|
|
|
|
|
|
|
|
|
|