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 Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
United States and international components of income before income taxes were as follows:
 
 
 
For The Years Ended
 
 
 
December 31,
 
 
 
2015
 
2014
 
United States
 
$
(5,837,026)
 
$
(6,468,460)
 
International
 
 
(2,441,938)
 
 
(2,594,967)
 
Income (loss) before income taxes
 
$
(8,278,964)
 
$
(9,063,427)
 
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
 
The income tax provision (benefit) consisted of the following:
 
 
 
For The Years Ended
 
 
 
December 31,
 
 
 
2015
 
2014
 
Federal
 
 
 
 
 
 
 
Current
 
$
-
 
$
-
 
Deferred
 
 
(1,849,290)
 
 
(2,648,686)
 
 
 
 
 
 
 
 
 
State and local
 
 
 
 
 
 
 
Current
 
 
-
 
 
-
 
Deferred
 
 
(571,104)
 
 
(817,977)
 
 
 
 
 
 
 
 
 
Foreign
 
 
 
 
 
 
 
Current
 
 
-
 
 
-
 
Deferred
 
 
135,468
 
 
73,697
 
 
 
 
 
 
 
 
 
 
 
 
(2,284,926)
 
 
(3,392,966)
 
Change in valuation allowance
 
 
2,284,926
 
 
3,392,966
 
Income tax provision (benefit)
 
$
-
 
$
-
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
For the years ended December 31, 2015 and December 31, 2014, the expected tax expense (benefit) based on the statutory rate is reconciled with the actual tax expense (benefit) as follows:
 
 
 
For The Years Ended
 
 
 
December 31,
 
 
 
2015
 
 
2014
 
U.S. federal statutory rate
 
 
(34.0
%)
 
 
(34.0
%)
State taxes, net of federal benefit
 
 
(6.9
%)
 
 
(9.0
%)
Permanent differences
 
 
2.8
%
 
 
2.1
%
Write-off of deferred tax asset
 
 
2.3
%
 
 
3.0
%
Foreign minimum presumed income tax credit
 
 
1.6
%
 
 
0.8
%
Foreign rate differential
 
 
1.3
%
 
 
1.1
%
Other
 
 
5.3
%
 
 
(1.4
%)
Change in valuation allowance
 
 
27.6
%
 
 
37.4
%
 
 
 
 
 
 
 
 
 
Income tax provision (benefit)
 
 
0.0
%
 
 
0.0
%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
As of December 31, 2015 and December 31, 2014, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following:
 
 
 
December 31,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
Net operating loss
 
$
18,480,962
 
$
16,134,419
 
Stock based compensation
 
 
1,678,231
 
 
1,716,612
 
Argentine tax credits
 
 
455,436
 
 
590,904
 
Accruals and other
 
 
563,390
 
 
592,447
 
Receivable allowances
 
 
247,811
 
 
211,296
 
Total deferred tax assets
 
 
21,425,830
 
 
19,245,678
 
Valuation allowance
 
 
(21,369,226)
 
 
(19,084,300)
 
Deferred tax assets, net of valuation allowance
 
 
56,604
 
 
161,378
 
Excess of book over tax basis of warrants
 
 
(56,604)
 
 
(161,378)
 
Net deferred tax assets
 
$
-
 
$
-