Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
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   $ -     $ -