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 Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign

United States and international components of income before income taxes were as follows:

 

    For The Years Ended  
    December 31,  
    2016     2015  
             
United States   $ (8,624,371 )   $ (5,837,026 )
International     (1,417,770 )     (2,441,938 )
Income before income taxes   $ (10,042,141 )   $ (8,278,964 )

Schedule of Components of Income Tax Expense (Benefit)

The income tax provision (benefit) consisted of the following:

 

    For The Years Ended  
    December 31,  
    2016     2015  
Federal                
Current   $ -     $ -  
Deferred     (2,668,414 )     (1,849,290 )
                 
State and local                
Current     -       -  
Deferred     (824,069 )     (571,104 )
                 
Foreign                
Current     -       -  
Deferred     404       135,468  
                 
      (3,492,079 )     (2,284,926 )
Change in valuation allowance     3,492,079       2,284,926  
Income tax provision (benefit)   $ -     $ -  

Schedule of Effective Income Tax Rate Reconciliation

For the years ended December 31, 2016 and December 31, 2015, 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,  
    2016     2015  
U.S. federal statutory rate     (34.0 )%     (34.0 )%
State taxes, net of federal benefit     (8.2 )%     (6.9 )%
Permanent differences     4.5 %     2.8 %
Write-off of deferred tax asset     4.6 %     2.3 %
Foreign minimum presumed income tax credit     0.0 %     1.6 %
Foreign rate differential     0.0 %     1.3 %
Shift in state and local rate     (2.3 )%     0.0 %
Other     0.6 %     5.3 %
Change in valuation allowance     34.8 %     27.6 %
                 
Income tax provision (benefit)     0.0 %     0.0 %

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2016 and December 31, 2015, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following:

 

    December 31,  
    2016     2015  
             
Net operating loss   $ 21,887,309     $ 18,480,962  
Stock based compensation     1,845,969       1,678,231  
Argentine tax credits     455,032       455,436  
Accruals and other     263,122       563,390  
Receivable allowances     429,084       247,811  
Total deferred tax assets     24,880,516       21,425,831  
Valuation allowance     (24,861,306 )     (21,369,226 )
Deferred tax assets, net of valuation allowance     19,210       56,604  
Excess of book over tax basis of warrants     (19,210 )     (56,604 )
Net deferred tax assets   $ -     $ -