Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
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,  
    2018     2017  
United States   $ (5,171,150 )   $ (5,654,598 )
International     (507,269 )     (2,257,914 )
Income before income taxes   $ (5,678,419 )   $ (7,912,512 )

Schedule of Components of Income Tax Expense (Benefit)

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

 

    For the Years Ended  
    December 31,  
    2018     2017  
Federal                
Current   $ -     $ -  
Deferred     (979,625 )     5,378,411  
                 
State and local                
Current     -       -  
Deferred     1,839,145       (2,099,305 )
                 
Foreign                
Current     -       -  
Deferred     1,590       19,576  
                 
      861,109       3,298,682  
Change in valuation allowance     (861,109     (3,298,682 )
Income tax provision (benefit)   $ -     $ -

Schedule of Effective Income Tax Rate Reconciliation

For the years ended December 31, 2018 and 2017, 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,  
    2018     2017  
U.S. federal statutory rate     (21.0 )%     (34.0 )%
State taxes, net of federal benefit     (3.1 )%     (11.0 )%
Permanent differences     0.7 %     1.8 %
Write-off of deferred tax asset     3.9 %     1.6 %
Change in tax rates     0.0 %     86.0 %
Prior period adjustments     33.4 %     (3.0 )%
Other     1.3 %     0.3 %
Change in valuation allowance     (15.2 )%     (41.7 )%
                 
Income tax provision (benefit)     0.0 %     0.0 %

Schedule of Deferred Tax Assets

As of December 31, 2018 and 2017, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following:

 

    For the Years Ended  
    December 31,  
    2018     2017  
Net operating loss   $ 18,734,230     $ 19,315,973  
Stock based compensation     1,120,521       1,381,564  
Argentine tax credits     433,407       439,541  
Accruals and other     4,991       5,708  
Receivable allowances     415,662       428,814  
Total deferred tax assets     20,708,810       21,571,600  
Valuation allowance     (20,701,515 )     (21,562,624 )
Deferred tax assets, net of valuation allowance     7,295       8,976  
Excess of book over tax basis of warrants     (7,295 )     (8,976 )
Net deferred tax assets   $ -     $ -