Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.7.0.1
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