Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| 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, |
|
| |
|
2017 |
|
|
2016 |
|
| |
|
|
|
|
|
|
| United States |
|
$ |
(5,654,598 |
) |
|
$ |
(8,624,371 |
) |
| International |
|
|
(2,257,914 |
) |
|
|
(1,417,770 |
) |
| Loss before income taxes |
|
$ |
(7,912,512 |
) |
|
$ |
(10,042,141 |
) |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The income tax provision (benefit) consisted
of the following:
| |
|
For the Years Ended |
|
| |
|
December 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Federal |
|
|
|
|
|
|
|
|
| Current |
|
$ |
- |
|
|
$ |
- |
|
| Deferred |
|
|
5,378,411 |
|
|
|
(2,668,413 |
) |
| |
|
|
|
|
|
|
|
|
| State and local |
|
|
|
|
|
|
|
|
| Current |
|
|
- |
|
|
|
- |
|
| Deferred |
|
|
(2,099,305 |
) |
|
|
(824,069 |
) |
| |
|
|
|
|
|
|
|
|
| Foreign |
|
|
|
|
|
|
|
|
| Current |
|
|
- |
|
|
|
- |
|
| Deferred |
|
|
19,576 |
|
|
|
403 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
3,298,682 |
|
|
|
(3,492,079 |
) |
| Change in valuation allowance |
|
|
(3,298,682 |
) |
|
|
3,492,079 |
|
| Income tax provision (benefit) |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
For the years ended December 31, 2017
and December 31, 2016, 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, |
|
| |
|
2017 |
|
|
2016 |
|
| U.S. federal statutory rate |
|
|
(34.0 |
%) |
|
|
(34.0 |
%) |
| State taxes, net of federal benefit |
|
|
(11.0 |
%) |
|
|
(8.2 |
%) |
| Permanent differences |
|
|
1.8 |
% |
|
|
4.5 |
% |
| Write-off of deferred tax asset |
|
|
1.6 |
% |
|
|
4.6 |
% |
| Change in tax rates |
|
|
86.0 |
% |
|
|
(2.3 |
%) |
| Prior period adjustments |
|
|
(3.0 |
%) |
|
|
0.4 |
% |
| Other |
|
|
0.3 |
% |
|
|
0.2 |
% |
| Change in valuation allowance |
|
|
(41.7 |
%) |
|
|
34.8 |
% |
| |
|
|
|
|
|
|
|
|
| Income tax provision (benefit) |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
| Schedule of Deferred Tax Assets |
As of December
31, 2017 and December 31, 2016, the Company’s deferred tax assets consisted of the effects of temporary differences attributable
to the following:
| |
|
For the Years Ended |
|
| |
|
December 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Net operating loss |
|
$ |
19,315,973 |
|
|
$ |
21,887,309 |
|
| Stock based compensation |
|
|
1,381,566 |
|
|
|
1,845,969 |
|
| Argentine tax credits |
|
|
439,541 |
|
|
|
455,032 |
|
| Accruals and other |
|
|
5,708 |
|
|
|
263,122 |
|
| Receivable allowances |
|
|
428,814 |
|
|
|
429,084 |
|
| Total deferred tax assets |
|
|
21,571,601 |
|
|
|
24,880,516 |
|
| Valuation allowance |
|
|
(21,562,624 |
) |
|
|
(24,861,306 |
) |
| Deferred tax assets, net of valuation allowance |
|
|
8,976 |
|
|
|
19,210 |
|
| Excess of book over tax basis of warrants |
|
|
(8,976 |
) |
|
|
(19,210 |
) |
| Net deferred tax assets |
|
$ |
- |
|
|
$ |
- |
|
|